Invesco LLC Sells 328 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Invesco LLC cut its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 3.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,430 shares of the natural resource company’s stock after selling 328 shares during the quarter. Invesco LLC’s holdings in Freeport-McMoRan were worth $444,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in FCX. Waldron Private Wealth LLC purchased a new position in shares of Freeport-McMoRan in the fourth quarter worth approximately $599,000. Aire Advisors LLC purchased a new position in shares of Freeport-McMoRan in the fourth quarter worth approximately $213,000. Capital Advisors Inc. OK boosted its holdings in shares of Freeport-McMoRan by 2.4% in the fourth quarter. Capital Advisors Inc. OK now owns 747,486 shares of the natural resource company’s stock worth $31,820,000 after buying an additional 17,696 shares during the last quarter. Crumly & Associates Inc. boosted its holdings in shares of Freeport-McMoRan by 15.5% in the fourth quarter. Crumly & Associates Inc. now owns 12,326 shares of the natural resource company’s stock worth $525,000 after buying an additional 1,653 shares during the last quarter. Finally, Louisiana State Employees Retirement System purchased a new position in shares of Freeport-McMoRan in the fourth quarter worth approximately $3,691,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

FCX traded up $1.00 during trading on Monday, reaching $50.47. 6,220,744 shares of the company’s stock were exchanged, compared to its average volume of 13,468,984. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $52.42. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.42 and a quick ratio of 1.38. The stock has a market capitalization of $72.39 billion, a P/E ratio of 39.58, a price-to-earnings-growth ratio of 2.24 and a beta of 2.04. The company’s fifty day simple moving average is $42.46 and its 200-day simple moving average is $39.50.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.04. The firm had revenue of $5.91 billion during the quarter, compared to analyst estimates of $5.85 billion. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The business’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.52 EPS. As a group, research analysts predict that Freeport-McMoRan Inc. will post 1.6 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.19%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is 23.62%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on FCX shares. Raymond James lifted their price target on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a report on Thursday, January 4th. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a report on Tuesday, April 9th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price target on shares of Freeport-McMoRan in a report on Thursday, January 25th. Scotiabank boosted their target price on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a report on Tuesday, April 9th. Finally, Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $41.00 to $48.50 in a report on Monday, January 8th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $46.71.

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.