Moore Capital Management LP Sells 2,917,700 Shares of Freeport-McMoRan Inc. $FCX

Moore Capital Management LP cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 91.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 263,495 shares of the natural resource company’s stock after selling 2,917,700 shares during the period. Moore Capital Management LP’s holdings in Freeport-McMoRan were worth $13,383,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Kemnay Advisory Services Inc. purchased a new stake in Freeport-McMoRan in the 4th quarter valued at about $29,000. JPL Wealth Management LLC purchased a new stake in Freeport-McMoRan in the 3rd quarter valued at about $33,000. Kohmann Bosshard Financial Services LLC purchased a new stake in Freeport-McMoRan in the 4th quarter valued at about $38,000. Modus Advisors LLC purchased a new stake in Freeport-McMoRan in the 4th quarter valued at about $40,000. Finally, Key Financial Inc boosted its position in Freeport-McMoRan by 32.3% in the 4th quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock valued at $42,000 after buying an additional 202 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FCX. Morgan Stanley reissued an “equal weight” rating and issued a $66.00 price objective (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. BNP Paribas Exane lowered their price objective on shares of Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating for the company in a research report on Tuesday, April 28th. Wall Street Zen raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. UBS Group boosted their price objective on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Finally, Barclays initiated coverage on shares of Freeport-McMoRan in a research report on Thursday, May 21st. They issued an “overweight” rating and a $77.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $67.31.

Freeport-McMoRan Trading Down 1.7%

NYSE:FCX opened at $68.95 on Thursday. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.28. The stock has a market capitalization of $99.12 billion, a price-to-earnings ratio of 36.67, a PEG ratio of 0.86 and a beta of 1.35. The firm has a 50 day moving average of $64.74 and a 200 day moving average of $59.77.

Freeport-McMoRan (NYSE:FCX) last issued 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 business had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the prior year, the business posted $0.24 EPS. Freeport-McMoRan’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 2.51 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were issued a dividend of $0.075 per share. 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 0.4%. Freeport-McMoRan’s dividend payout ratio is 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.