Duality Advisers LP Has $1.29 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Duality Advisers LP cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 69.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 30,272 shares of the natural resource company’s stock after selling 68,593 shares during the quarter. Duality Advisers LP’s holdings in Freeport-McMoRan were worth $1,289,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Fulton Bank N.A. lifted its holdings in shares of Freeport-McMoRan by 2.6% during the 4th quarter. Fulton Bank N.A. now owns 10,606 shares of the natural resource company’s stock valued at $451,000 after buying an additional 267 shares during the last quarter. Drive Wealth Management LLC lifted its holdings in shares of Freeport-McMoRan by 2.8% during the 4th quarter. Drive Wealth Management LLC now owns 9,840 shares of the natural resource company’s stock valued at $419,000 after buying an additional 267 shares during the last quarter. Sound Income Strategies LLC lifted its holdings in shares of Freeport-McMoRan by 38.8% during the 4th quarter. Sound Income Strategies LLC now owns 965 shares of the natural resource company’s stock valued at $41,000 after buying an additional 270 shares during the last quarter. PFG Investments LLC lifted its holdings in shares of Freeport-McMoRan by 1.7% during the 4th quarter. PFG Investments LLC now owns 16,844 shares of the natural resource company’s stock valued at $717,000 after buying an additional 285 shares during the last quarter. Finally, Oarsman Capital Inc. lifted its holdings in shares of Freeport-McMoRan by 0.7% during the 3rd quarter. Oarsman Capital Inc. now owns 45,869 shares of the natural resource company’s stock valued at $1,710,000 after buying an additional 304 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FCX has been the subject of several research reports. Scotiabank lifted their price target on Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a report on Tuesday, April 9th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Bernstein Bank raised their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. raised their price objective on Freeport-McMoRan from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $49.15.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $48.00 on Wednesday. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32. The business’s 50 day moving average is $44.02 and its two-hundred day moving average is $40.14. The company has a market cap of $68.85 billion, a P/E ratio of 37.80, a P/E/G ratio of 2.25 and a beta of 2.04. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $52.42.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. The company had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.52 EPS. On average, equities analysts expect that Freeport-McMoRan Inc. will post 1.57 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is presently 23.62%.

Freeport-McMoRan Company 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.