Shikiar Asset Management Inc. Sells 2,710 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Shikiar Asset Management Inc. decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 1.9% in the fourth quarter, Holdings Channel reports. The fund owned 139,025 shares of the natural resource company’s stock after selling 2,710 shares during the quarter. Freeport-McMoRan makes up 1.8% of Shikiar Asset Management Inc.’s holdings, making the stock its 18th biggest holding. Shikiar Asset Management Inc.’s holdings in Freeport-McMoRan were worth $5,918,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fairfield Bush & CO. purchased a new stake in Freeport-McMoRan in the 1st quarter worth about $26,000. Bruce G. Allen Investments LLC purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth approximately $27,000. KB Financial Partners LLC purchased a new position in shares of Freeport-McMoRan during the first quarter worth approximately $26,000. Retirement Group LLC increased its position in shares of Freeport-McMoRan by 97.1% during the second quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock worth $27,000 after acquiring an additional 330 shares during the period. Finally, ICA Group Wealth Management LLC purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth approximately $28,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX traded down $0.55 on Friday, hitting $49.61. 17,066,676 shares of the company were exchanged, compared to its average volume of 15,055,349. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32. The stock’s 50 day moving average price is $43.57 and its 200 day moving average price is $39.94. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $52.42. The firm has a market capitalization of $71.16 billion, a P/E ratio of 39.06, a price-to-earnings-growth ratio of 2.28 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.04. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The firm had revenue of $5.91 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter last year, the company posted $0.52 earnings per share. The firm’s revenue was up 2.6% compared to the same quarter last year. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.57 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.21%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 23.62%.

Analyst Ratings Changes

A number of brokerages have recently commented on FCX. JPMorgan Chase & Co. raised their target price on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Wednesday. Scotiabank lifted their price objective on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a report on Tuesday, April 9th. Raymond James lifted their price objective on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a report on Thursday, January 4th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $41.00 to $48.50 in a report on Monday, January 8th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 target price on shares of Freeport-McMoRan in a research note on Thursday, January 25th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Hold” and a consensus target price of $47.54.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.