Erste Asset Management GmbH Sells 11,818 Shares of Freeport-McMoRan Inc. $FCX

Erste Asset Management GmbH trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX) by 19.2% in the fourth quarter, HoldingsChannel reports. The firm owned 49,600 shares of the natural resource company’s stock after selling 11,818 shares during the quarter. Erste Asset Management GmbH’s holdings in Freeport-McMoRan were worth $2,550,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Leo Wealth LLC grew its position in Freeport-McMoRan by 2.5% in the 4th quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock worth $347,000 after purchasing an additional 170 shares in the last quarter. Physician Wealth Advisors Inc. grew its position in Freeport-McMoRan by 23.5% in the 4th quarter. Physician Wealth Advisors Inc. now owns 924 shares of the natural resource company’s stock worth $47,000 after purchasing an additional 176 shares in the last quarter. Castle Rock Wealth Management LLC grew its position in shares of Freeport-McMoRan by 3.3% during the 4th quarter. Castle Rock Wealth Management LLC now owns 5,687 shares of the natural resource company’s stock valued at $289,000 after acquiring an additional 180 shares during the period. Private Trust Co. NA grew its position in shares of Freeport-McMoRan by 6.7% during the 4th quarter. Private Trust Co. NA now owns 3,119 shares of the natural resource company’s stock valued at $158,000 after acquiring an additional 195 shares during the period. Finally, Key Financial Inc grew its position in shares of Freeport-McMoRan by 32.3% during the 4th quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock valued at $42,000 after acquiring an additional 202 shares during the period. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $64.22 on Wednesday. The stock has a market capitalization of $92.32 billion, a P/E ratio of 34.16, a PEG ratio of 0.77 and a beta of 1.35. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The firm’s 50 day moving average is $63.79 and its 200 day moving average is $58.64. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.09.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $5.73 billion. During the same period in the prior year, the company posted $0.24 EPS. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were paid a $0.075 dividend. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is currently 15.96%.

Analyst Ratings Changes

A number of research firms have recently weighed in on FCX. Stifel Nicolaus increased their target price on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the company a “buy” rating in a research report on Wednesday, February 11th. BNP Paribas Exane reduced their target price 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. Barclays began coverage on shares of Freeport-McMoRan in a research report on Thursday, May 21st. They set an “overweight” rating and a $77.00 target price for the company. CICC Research reduced their target price on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research report on Tuesday, April 28th. Finally, The Goldman Sachs Group increased their target price on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $66.50.

About Freeport-McMoRan

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.