Synovus Financial Corp Cuts Stake in Freeport-McMoRan (FCX)

Synovus Financial Corp cut its position in Freeport-McMoRan (NYSE:FCX) by 35.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 9,942 shares of the natural resource company’s stock after selling 5,420 shares during the period. Synovus Financial Corp’s holdings in Freeport-McMoRan were worth $173,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Spectrum Management Group Inc. acquired a new position in shares of Freeport-McMoRan in the first quarter valued at about $406,000. Schwab Charles Investment Management Inc. increased its holdings in shares of Freeport-McMoRan by 1.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 6,122,916 shares of the natural resource company’s stock valued at $107,580,000 after purchasing an additional 61,217 shares during the period. Eaton Vance Management increased its holdings in shares of Freeport-McMoRan by 1,686.9% in the first quarter. Eaton Vance Management now owns 783,681 shares of the natural resource company’s stock valued at $13,769,000 after purchasing an additional 739,823 shares during the period. Wealthfront Inc. increased its holdings in shares of Freeport-McMoRan by 7.3% in the first quarter. Wealthfront Inc. now owns 71,748 shares of the natural resource company’s stock valued at $1,261,000 after purchasing an additional 4,889 shares during the period. Finally, Capital Innovations LLC increased its holdings in shares of Freeport-McMoRan by 34.6% in the first quarter. Capital Innovations LLC now owns 38,900 shares of the natural resource company’s stock valued at $685,000 after purchasing an additional 10,000 shares during the period. 70.27% of the stock is currently owned by institutional investors and hedge funds.

Shares of FCX opened at $16.87 on Friday. The company has a current ratio of 2.33, a quick ratio of 1.43 and a debt-to-equity ratio of 0.93. 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 $24.44 billion, a price-to-earnings ratio of 11.40 and a beta of 2.45.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, April 24th. The natural resource company reported $0.46 EPS for the quarter, missing the 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 business 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 business posted $0.15 earnings per share. The firm’s revenue for the quarter was up 45.7% on a year-over-year basis. research analysts anticipate that Freeport-McMoRan will post 2.04 earnings per share for the current year.

The firm also recently disclosed 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 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend was Thursday, April 12th. Freeport-McMoRan’s payout ratio is currently 17.09%.

A number of research analysts have recently weighed in on FCX shares. B. Riley cut their price objective on Freeport-McMoRan from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Thursday, April 26th. CIBC lowered Freeport-McMoRan from a “sector outperform” rating to a “neutral” rating in a report on Monday, January 22nd. Raymond James cut their price objective on Freeport-McMoRan from $19.00 to $18.00 and set a “market perform” rating on the stock in a report on Wednesday, April 25th. Cowen cut their price objective on Freeport-McMoRan from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Wednesday, April 25th. Finally, Stifel Nicolaus increased their price objective on Freeport-McMoRan from $16.00 to $18.00 and gave the company a “hold” rating in a report on Tuesday, February 6th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the company. Freeport-McMoRan presently has an average rating of “Hold” and a consensus target price of $17.57.

Freeport-McMoRan Profile

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.

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

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