Anchor Capital Advisors LLC Reduces Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Anchor Capital Advisors LLC reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 171,604 shares of the natural resource company’s stock after selling 9,257 shares during the period. Anchor Capital Advisors LLC’s holdings in Freeport-McMoRan were worth $7,305,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of FCX. Bruce G. Allen Investments LLC acquired a new stake in Freeport-McMoRan in the 4th quarter worth about $27,000. BluePath Capital Management LLC purchased a new position in shares of Freeport-McMoRan in the 3rd quarter worth $28,000. Webster Bank N. A. grew its stake in Freeport-McMoRan by 6,469.2% during the fourth quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock worth $36,000 after buying an additional 841 shares during the period. CVA Family Office LLC acquired a new position in shares of Freeport-McMoRan during the 4th quarter valued at $38,000. Finally, Venturi Wealth Management LLC lifted its holdings in shares of Freeport-McMoRan by 122.5% during the 4th quarter. Venturi Wealth Management LLC now owns 930 shares of the natural resource company’s stock valued at $40,000 after acquiring an additional 512 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock traded down $1.47 during midday trading on Tuesday, reaching $50.94. 4,315,056 shares of the stock traded hands, compared to its average volume of 14,002,478. The firm has a fifty day moving average price of $44.97 and a two-hundred day moving average price of $40.51. The firm has a market cap of $73.07 billion, a price-to-earnings ratio of 46.38, a PEG ratio of 8.18 and a beta of 2.04. The company has a current ratio of 2.35, a quick ratio of 1.41 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $52.52.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.05. The firm had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.52 EPS. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Wall Street Analyst Weigh In

FCX has been the topic of several research reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Sanford C. Bernstein raised 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 research report on Monday, January 8th. Argus increased their price objective on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Finally, Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price for the company in a research note on Tuesday, April 9th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $50.07.

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.