Parkside Investments LLC Decreases Stock Holdings in Freeport-McMoRan Inc. $FCX

Parkside Investments LLC decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 211,822 shares of the natural resource company’s stock after selling 11,975 shares during the quarter. Freeport-McMoRan comprises about 1.4% of Parkside Investments LLC’s investment portfolio, making the stock its 22nd largest position. Parkside Investments LLC’s holdings in Freeport-McMoRan were worth $10,758,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Themes Management Co LLC bought a new position in Freeport-McMoRan during the 4th quarter worth about $633,000. Harbour Investments Inc. grew its holdings in Freeport-McMoRan by 13.1% during the 4th quarter. Harbour Investments Inc. now owns 6,480 shares of the natural resource company’s stock worth $329,000 after acquiring an additional 752 shares in the last quarter. Allstate Corp grew its holdings in Freeport-McMoRan by 96.4% during the 4th quarter. Allstate Corp now owns 103,745 shares of the natural resource company’s stock worth $5,269,000 after acquiring an additional 50,935 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC lifted its position in shares of Freeport-McMoRan by 23.8% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 13,138 shares of the natural resource company’s stock valued at $667,000 after buying an additional 2,530 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its position in shares of Freeport-McMoRan by 1.0% during the fourth quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock valued at $3,244,504,000 after buying an additional 622,343 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on FCX. Sanford C. Bernstein decreased their price objective on shares of Freeport-McMoRan from $54.00 to $53.50 and set a “market perform” rating for the company in a research report on Friday, April 24th. UBS Group raised their price target on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. BNP Paribas Exane dropped their price objective on shares of Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. Argus raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Friday, February 13th. Finally, CICC Research dropped their price objective on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.72.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $61.92 on Tuesday. The company’s fifty day moving average price is $61.47 and its 200 day moving average price is $56.62. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $70.96. The stock has a market capitalization of $89.01 billion, a P/E ratio of 32.94, a P/E/G ratio of 0.75 and a beta of 1.32. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The firm had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter last year, the company earned $0.24 EPS. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 15.96%.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.