Savvy Advisors Inc. Decreases Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Savvy Advisors Inc. lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 23.5% in the fourth quarter, Holdings Channel reports. The firm owned 5,403 shares of the natural resource company’s stock after selling 1,658 shares during the period. Savvy Advisors Inc.’s holdings in Freeport-McMoRan were worth $206,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Freeport-McMoRan by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company’s stock worth $4,692,191,000 after buying an additional 642,776 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Freeport-McMoRan by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 29,579,298 shares of the natural resource company’s stock valued at $1,122,922,000 after acquiring an additional 688,240 shares during the period. Franklin Resources Inc. increased its stake in shares of Freeport-McMoRan by 8.0% during the 4th quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company’s stock worth $1,123,445,000 after purchasing an additional 2,191,926 shares during the last quarter. Amundi raised its holdings in shares of Freeport-McMoRan by 30.2% in the 4th quarter. Amundi now owns 21,580,960 shares of the natural resource company’s stock worth $857,305,000 after purchasing an additional 5,001,531 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Freeport-McMoRan by 38.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company’s stock valued at $619,682,000 after purchasing an additional 4,488,210 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $33.34 on Wednesday. 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 stock has a 50-day moving average price of $36.96 and a 200-day moving average price of $40.81. The company has a market cap of $47.91 billion, a PE ratio of 25.85, a price-to-earnings-growth ratio of 0.87 and a beta of 1.71. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data 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 net margin of 7.42% and a return on equity of 7.50%. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders 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 dividend yield of 1.80%. The ex-dividend date is Tuesday, April 15th. Freeport-McMoRan’s payout ratio is currently 23.26%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. BMO Capital Markets lowered their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Scotiabank cut their target price on shares of Freeport-McMoRan from $45.00 to $40.00 and set a “sector perform” rating for the company in a research report on Monday, April 7th. Jefferies Financial Group raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their price target for the company from $40.00 to $48.00 in a research report on Thursday, February 27th. Finally, UBS Group dropped their price target on shares of Freeport-McMoRan from $52.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $49.12.

Freeport-McMoRan 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.