Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Lakewood Asset Management LLC

Lakewood Asset Management LLC trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX) by 6.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,612 shares of the natural resource company’s stock after selling 391 shares during the period. Lakewood Asset Management LLC’s holdings in Freeport-McMoRan were worth $214,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Fisher Asset Management LLC increased its position in shares of Freeport-McMoRan by 2.4% in the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock valued at $2,965,717,000 after acquiring an additional 1,392,494 shares during the period. Geode Capital Management LLC grew its position in Freeport-McMoRan by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock worth $1,436,455,000 after purchasing an additional 529,099 shares during the period. Franklin Resources Inc. grew its position in Freeport-McMoRan by 9.5% during the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock worth $1,348,522,000 after purchasing an additional 2,366,187 shares during the period. Mountaineer Partners Management LLC grew its position in Freeport-McMoRan by 4,767.8% during the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock worth $595,702,000 after purchasing an additional 11,687,982 shares during the period. Finally, Legal & General Group Plc grew its position in Freeport-McMoRan by 0.5% during the 2nd quarter. Legal & General Group Plc now owns 10,343,109 shares of the natural resource company’s stock worth $502,675,000 after purchasing an additional 56,499 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FCX has been the topic of several analyst reports. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Scotiabank cut their price target on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research report on Monday, January 6th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Raymond James increased their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Morgan Stanley cut their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $52.42.

Freeport-McMoRan Trading Up 1.4 %

Shares of Freeport-McMoRan stock opened at $40.04 on Thursday. The firm has a market capitalization of $57.53 billion, a PE ratio of 29.23, a P/E/G ratio of 2.13 and a beta of 1.87. Freeport-McMoRan Inc. has a twelve month low of $36.26 and a twelve month high of $55.24. The firm’s 50-day moving average price is $41.54 and its 200 day moving average price is $44.43. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Freeport-McMoRan’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period last year, the company posted $0.39 EPS. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.46 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Wednesday, January 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date is Wednesday, January 15th. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

About Freeport-McMoRan

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.