Iron Gate Global Advisors LLC Has $207,000 Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Iron Gate Global Advisors LLC cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 10.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,426 shares of the natural resource company’s stock after selling 655 shares during the period. Iron Gate Global Advisors LLC’s holdings in Freeport-McMoRan were worth $207,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of FCX. Insigneo Advisory Services LLC boosted its stake in shares of Freeport-McMoRan by 46.2% during the 4th quarter. Insigneo Advisory Services LLC now owns 17,020 shares of the natural resource company’s stock worth $648,000 after acquiring an additional 5,380 shares in the last quarter. Evergreen Capital Management LLC boosted its position in Freeport-McMoRan by 0.4% during the fourth quarter. Evergreen Capital Management LLC now owns 128,389 shares of the natural resource company’s stock worth $4,889,000 after purchasing an additional 473 shares during the period. Jump Financial LLC acquired a new position in Freeport-McMoRan during the fourth quarter valued at approximately $6,765,000. Rossby Financial LCC acquired a new position in Freeport-McMoRan during the fourth quarter valued at approximately $477,000. Finally, Canada Post Corp Registered Pension Plan acquired a new stake in shares of Freeport-McMoRan in the fourth quarter worth $5,965,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FCX has been the topic of a number of research analyst reports. UBS Group lowered their target price on shares of Freeport-McMoRan from $52.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday. BMO Capital Markets lowered their price target on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. JPMorgan Chase & Co. cut their price objective on Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Tuesday, April 8th. Finally, Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a report on Thursday, March 6th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.12.

Freeport-McMoRan Trading Down 1.2 %

Shares of FCX stock opened at $33.34 on Wednesday. The firm has a fifty day moving average of $36.96 and a 200-day moving average of $40.81. The stock has a market cap of $47.91 billion, a price-to-earnings ratio of 25.85, a P/E/G ratio of 0.87 and a beta of 1.71. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42.

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

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend is Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio is 23.26%.

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.