Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Beaconlight Capital LLC

Beaconlight Capital LLC decreased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 34.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 134,897 shares of the natural resource company’s stock after selling 72,192 shares during the quarter. Freeport-McMoRan makes up 1.9% of Beaconlight Capital LLC’s holdings, making the stock its 18th biggest position. Beaconlight Capital LLC’s holdings in Freeport-McMoRan were worth $5,137,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Asset Planning Inc purchased a new stake in Freeport-McMoRan during the 4th quarter worth approximately $25,000. Mizuho Bank Ltd. purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $26,000. Vision Financial Markets LLC acquired a new position in Freeport-McMoRan in the 4th quarter valued at $27,000. Laurel Wealth Advisors LLC lifted its holdings in Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 600 shares in the last quarter. Finally, Roxbury Financial LLC acquired a new stake in Freeport-McMoRan during the 4th quarter worth $28,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 3.4 %

Shares of FCX opened at $37.63 on Friday. The company’s 50-day moving average price is $36.19 and its 200 day moving average price is $39.54. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $55.24. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The firm has a market cap of $54.08 billion, a P/E ratio of 29.17, a price-to-earnings-growth ratio of 0.87 and a beta of 1.71.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. The business had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The business’s revenue was down 9.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.32 EPS. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were given a dividend of $0.15 per share. The ex-dividend date was Tuesday, April 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.59%. Freeport-McMoRan’s dividend payout ratio is currently 24.79%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on FCX shares. Jefferies Financial Group reiterated a “buy” rating and issued a $50.00 target price (up from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Hsbc Global Res raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 14th. JPMorgan Chase & Co. dropped their price target 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. Wolfe Research upgraded Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 price objective on the stock in a research report on Wednesday, April 16th. Finally, Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.09.

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.