Cumberland Partners Ltd Sells 41,755 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Cumberland Partners Ltd lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 67.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,250 shares of the natural resource company’s stock after selling 41,755 shares during the quarter. Cumberland Partners Ltd’s holdings in Freeport-McMoRan were worth $839,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Wolverine Asset Management LLC boosted its holdings in shares of Freeport-McMoRan by 50.0% in the 4th quarter. Wolverine Asset Management LLC now owns 24,000 shares of the natural resource company’s stock worth $1,022,000 after buying an additional 8,000 shares during the last quarter. GAMMA Investing LLC purchased a new position in shares of Freeport-McMoRan in the 4th quarter worth about $337,000. Harbor Advisors LLC purchased a new position in shares of Freeport-McMoRan in the 4th quarter worth about $213,000. Parkside Financial Bank & Trust boosted its holdings in shares of Freeport-McMoRan by 63.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 8,644 shares of the natural resource company’s stock worth $368,000 after buying an additional 3,342 shares during the last quarter. Finally, Marks Group Wealth Management Inc purchased a new position in shares of Freeport-McMoRan in the 4th quarter worth about $204,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 0.3 %

Shares of NYSE:FCX traded up $0.12 during trading on Wednesday, reaching $48.11. 8,732,590 shares of the company traded hands, compared to its average volume of 13,862,514. The firm has a market capitalization of $69.01 billion, a price-to-earnings ratio of 37.50, a P/E/G ratio of 2.25 and a beta of 2.04. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $52.42. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32. The business’s fifty day moving average is $44.02 and its 200-day moving average is $40.14.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.52 earnings per share. As a group, analysts forecast that Freeport-McMoRan Inc. will post 1.57 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, April 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.25%. Freeport-McMoRan’s payout ratio is presently 23.62%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Raymond James boosted their price target on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $41.00 to $48.50 in a report on Monday, January 8th. HSBC boosted their price objective on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday. JPMorgan Chase & Co. lowered their price objective on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $49.77.

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.