Bedell Frazier Investment Counselling LLC Cuts Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Bedell Frazier Investment Counselling LLC lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 6.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 127,727 shares of the natural resource company’s stock after selling 8,356 shares during the quarter. Freeport-McMoRan comprises approximately 1.2% of Bedell Frazier Investment Counselling LLC’s holdings, making the stock its 25th biggest holding. Bedell Frazier Investment Counselling LLC’s holdings in Freeport-McMoRan were worth $4,864,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Freeport-McMoRan by 240.1% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 80,000 shares of the natural resource company’s stock worth $3,994,000 after acquiring an additional 56,475 shares during the last quarter. Glenmede Trust Co. NA increased its position in Freeport-McMoRan by 13.5% during the 3rd quarter. Glenmede Trust Co. NA now owns 85,373 shares of the natural resource company’s stock worth $4,262,000 after purchasing an additional 10,156 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Freeport-McMoRan by 1.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 339,089 shares of the natural resource company’s stock valued at $16,927,000 after acquiring an additional 3,853 shares during the period. Financial Counselors Inc. lifted its position in shares of Freeport-McMoRan by 185.0% during the third quarter. Financial Counselors Inc. now owns 18,742 shares of the natural resource company’s stock worth $936,000 after purchasing an additional 12,166 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its position in Freeport-McMoRan by 153.0% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 540,162 shares of the natural resource company’s stock valued at $26,949,000 after buying an additional 326,653 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on FCX shares. JPMorgan Chase & Co. raised Freeport-McMoRan from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $48.00 to $52.00 in a report on Thursday, March 20th. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research report on Thursday, March 6th. Jefferies Financial Group upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their price objective for the company from $40.00 to $48.00 in a research report on Thursday, February 27th. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, March 20th. Finally, Dbs Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average target price of $52.04.

Freeport-McMoRan Trading Down 4.0 %

Shares of Freeport-McMoRan stock opened at $38.36 on Monday. The business has a fifty day simple moving average of $38.14 and a 200-day simple moving average of $41.98. The firm has a market cap of $55.13 billion, a price-to-earnings ratio of 29.74, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a fifty-two week low of $33.98 and a fifty-two week high of $55.24. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio is presently 23.26%.

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.