Jennison Associates LLC Sells 178,569 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Jennison Associates LLC reduced its position in Freeport-McMoRan Inc. (NYSE:FCX) by 41.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 247,598 shares of the natural resource company’s stock after selling 178,569 shares during the quarter. Jennison Associates LLC’s holdings in Freeport-McMoRan were worth $10,540,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Avior Wealth Management LLC raised its position in Freeport-McMoRan by 41.2% during the third quarter. Avior Wealth Management LLC now owns 1,680 shares of the natural resource company’s stock valued at $63,000 after purchasing an additional 490 shares in the last quarter. CX Institutional raised its holdings in shares of Freeport-McMoRan by 6.2% during the 3rd quarter. CX Institutional now owns 10,244 shares of the natural resource company’s stock worth $382,000 after buying an additional 597 shares in the last quarter. Czech National Bank lifted its position in shares of Freeport-McMoRan by 47.7% during the 3rd quarter. Czech National Bank now owns 250,570 shares of the natural resource company’s stock worth $9,344,000 after buying an additional 80,898 shares during the last quarter. Aaron Wealth Advisors LLC boosted its stake in Freeport-McMoRan by 4.7% in the third quarter. Aaron Wealth Advisors LLC now owns 279,168 shares of the natural resource company’s stock valued at $10,410,000 after buying an additional 12,414 shares in the last quarter. Finally, Simplicity Solutions LLC grew its position in Freeport-McMoRan by 133.2% in the third quarter. Simplicity Solutions LLC now owns 154,649 shares of the natural resource company’s stock valued at $5,767,000 after acquiring an additional 88,344 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FCX has been the topic of a number of research analyst reports. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price target on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Scotiabank decreased their target price on shares of Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating on the stock in a research note on Wednesday. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and increased their price target for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Argus raised their price objective on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a report on Thursday. Finally, Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price for the company in a report on Tuesday, April 9th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average price target of $50.07.

Freeport-McMoRan Stock Up 2.4 %

FCX stock opened at $49.40 on Friday. The firm has a market capitalization of $70.86 billion, a PE ratio of 43.72, a P/E/G ratio of 2.21 and a beta of 2.04. The company has a quick ratio of 1.38, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $52.42. The stock’s 50 day moving average is $44.24 and its 200-day moving average is $40.20.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The firm had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same period in the previous year, the firm earned $0.52 EPS. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.58 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm 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 $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.21%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

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.