HighPoint Advisor Group LLC Decreases Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

HighPoint Advisor Group LLC reduced its position in Freeport-McMoRan Inc. (NYSE:FCX) by 1.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 48,315 shares of the natural resource company’s stock after selling 533 shares during the quarter. HighPoint Advisor Group LLC’s holdings in Freeport-McMoRan were worth $1,816,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Asset Planning Inc acquired a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $25,000. Vision Financial Markets LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth $27,000. Laurel Wealth Advisors LLC lifted its holdings in shares of Freeport-McMoRan by 487.8% during 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 during the last quarter. Roxbury Financial LLC acquired a new stake in shares of Freeport-McMoRan in the 4th quarter worth $28,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in Freeport-McMoRan during the 4th quarter worth $29,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FCX. Scotiabank decreased their price target on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research note on Friday, January 24th. Jefferies Financial Group upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their price objective for the company from $40.00 to $48.00 in a report on Thursday, February 27th. Dbs Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. BMO Capital Markets cut their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Finally, Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $52.04.

Freeport-McMoRan Stock Down 1.5 %

NYSE:FCX opened at $37.85 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The company’s fifty day moving average price is $38.09 and its 200-day moving average price is $41.95. Freeport-McMoRan Inc. has a 1-year low of $33.98 and a 1-year high of $55.24. The firm has a market capitalization of $54.39 billion, a P/E ratio of 29.34, a PEG ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date is Tuesday, April 15th. Freeport-McMoRan’s payout ratio is presently 23.26%.

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.