Shikiar Asset Management Inc. Reduces Stock Position in Freeport-McMoRan Inc. $FCX

Shikiar Asset Management Inc. trimmed its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 25.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 150,770 shares of the natural resource company’s stock after selling 50,615 shares during the period. Freeport-McMoRan comprises approximately 2.6% of Shikiar Asset Management Inc.’s holdings, making the stock its 12th largest holding. Shikiar Asset Management Inc.’s holdings in Freeport-McMoRan were worth $8,862,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Steph & Co. grew its holdings in Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 150 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at about $25,000. Kemnay Advisory Services Inc. bought a new position in shares of Freeport-McMoRan during the fourth quarter worth about $29,000. SHP Wealth Management bought a new position in shares of Freeport-McMoRan during the fourth quarter worth about $30,000. Finally, MV Capital Management Inc. acquired a new position in Freeport-McMoRan in the fourth quarter worth about $34,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on FCX shares. UBS Group boosted their price objective on Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a report on Tuesday. Barclays initiated coverage on Freeport-McMoRan in a report on Thursday, May 21st. They set an “overweight” rating and a $77.00 target price on the stock. JPMorgan Chase & Co. decreased their target price on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a research report on Monday, April 27th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Finally, Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.36.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $62.92 on Wednesday. The firm’s 50 day moving average is $64.33 and its two-hundred day moving average is $61.06. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.28. The firm has a market capitalization of $90.45 billion, a P/E ratio of 33.47, a PEG ratio of 0.74 and a beta of 1.35. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28.

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

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s payout ratio is presently 15.96%.

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.