Metis Global Partners LLC Sells 13,635 Shares of Freeport-McMoRan Inc. $FCX

Metis Global Partners LLC decreased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 8.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 155,525 shares of the natural resource company’s stock after selling 13,635 shares during the quarter. Metis Global Partners LLC’s holdings in Freeport-McMoRan were worth $7,899,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Freeport-McMoRan by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock worth $6,619,611,000 after acquiring an additional 1,572,769 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Freeport-McMoRan by 1.0% in the 4th quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock worth $3,244,504,000 after purchasing an additional 622,343 shares during the period. State Street Corp boosted its holdings in shares of Freeport-McMoRan by 1.1% in the 3rd quarter. State Street Corp now owns 62,477,910 shares of the natural resource company’s stock worth $2,450,384,000 after purchasing an additional 690,736 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Freeport-McMoRan by 31.2% in the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after purchasing an additional 8,891,743 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in shares of Freeport-McMoRan by 190.9% in the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after purchasing an additional 23,950,557 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

FCX opened at $62.18 on Thursday. The business has a fifty day moving average of $63.95 and a 200 day moving average of $58.80. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.09. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The stock has a market cap of $89.39 billion, a P/E ratio of 33.08, a PEG ratio of 0.77 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter in the previous year, the business earned $0.24 EPS. Freeport-McMoRan’s revenue was up 8.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were issued a dividend of $0.075 per share. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s payout ratio is presently 15.96%.

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of recent research reports. Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, May 22nd. Scotiabank dropped their target price on Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating for the company in a report on Friday, April 24th. Argus upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Friday, February 13th. HSBC lifted their target price on Freeport-McMoRan from $69.00 to $72.00 and gave the stock a “buy” rating in a report on Tuesday, April 14th. Finally, Sanford C. Bernstein lifted their target price on Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $66.72.

Freeport-McMoRan Company Profile

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.