Freeport-McMoRan (FCX) Holdings Trimmed by Ardevora Asset Management LLP

Ardevora Asset Management LLP lessened its holdings in Freeport-McMoRan (NYSE:FCX) by 1.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,797,100 shares of the natural resource company’s stock after selling 27,300 shares during the quarter. Ardevora Asset Management LLP owned 0.12% of Freeport-McMoRan worth $31,575,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of FCX. Princeton Capital Management LLC acquired a new stake in Freeport-McMoRan in the first quarter worth about $101,000. Advisors Preferred LLC acquired a new stake in Freeport-McMoRan in the first quarter worth about $105,000. American Beacon Advisors Inc. acquired a new stake in Freeport-McMoRan in the fourth quarter worth about $131,000. Thompson Davis & CO. Inc. boosted its holdings in Freeport-McMoRan by 756.8% in the fourth quarter. Thompson Davis & CO. Inc. now owns 9,348 shares of the natural resource company’s stock worth $177,000 after acquiring an additional 8,257 shares in the last quarter. Finally, Ballew Advisors Inc acquired a new stake in Freeport-McMoRan in the fourth quarter worth about $190,000. 70.27% of the stock is owned by institutional investors and hedge funds.

A number of research firms recently commented on FCX. Clarkson Capital raised Freeport-McMoRan from a “neutral” rating to a “buy” rating in a report on Wednesday, January 17th. TheStreet raised Freeport-McMoRan from a “c” rating to a “b-” rating in a report on Thursday, January 25th. Royal Bank of Canada lifted their target price on Freeport-McMoRan to $22.00 and gave the stock a “sector perform” rating in a report on Monday, March 12th. UBS lifted their target price on Freeport-McMoRan from $14.00 to $18.50 and gave the stock a “neutral” rating in a report on Tuesday, March 6th. Finally, ValuEngine raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Tuesday, February 20th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $17.57.

Shares of Freeport-McMoRan opened at $16.27 on Monday, Marketbeat reports. Freeport-McMoRan has a 12-month low of $11.05 and a 12-month high of $20.25. The company has a market capitalization of $23.57 billion, a price-to-earnings ratio of 10.99 and a beta of 2.45. The company has a debt-to-equity ratio of 0.93, a current ratio of 2.33 and a quick ratio of 1.43.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, April 24th. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.10). Freeport-McMoRan had a net margin of 12.72% and a return on equity of 19.92%. The company had revenue of $4.87 billion during the quarter, compared to analyst estimates of $4.92 billion. During the same period in the previous year, the firm posted $0.15 earnings per share. The company’s revenue was up 45.7% compared to the same quarter last year. sell-side analysts anticipate that Freeport-McMoRan will post 2.1 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 1st. Shareholders of record on Friday, April 13th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date of this dividend was Thursday, April 12th. Freeport-McMoRan’s payout ratio is presently 17.09%.

About Freeport-McMoRan

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

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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