Duality Advisers LP Sells 68,593 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Duality Advisers LP lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 69.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,272 shares of the natural resource company’s stock after selling 68,593 shares during the quarter. Duality Advisers LP’s holdings in Freeport-McMoRan were worth $1,289,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Fulton Bank N.A. raised its stake in shares of Freeport-McMoRan by 2.6% during the 4th quarter. Fulton Bank N.A. now owns 10,606 shares of the natural resource company’s stock worth $451,000 after acquiring an additional 267 shares in the last quarter. Drive Wealth Management LLC increased its stake in Freeport-McMoRan by 2.8% during the 4th quarter. Drive Wealth Management LLC now owns 9,840 shares of the natural resource company’s stock valued at $419,000 after purchasing an additional 267 shares in the last quarter. Sound Income Strategies LLC increased its stake in Freeport-McMoRan by 38.8% during the 4th quarter. Sound Income Strategies LLC now owns 965 shares of the natural resource company’s stock valued at $41,000 after purchasing an additional 270 shares in the last quarter. PFG Investments LLC increased its stake in Freeport-McMoRan by 1.7% during the 4th quarter. PFG Investments LLC now owns 16,844 shares of the natural resource company’s stock valued at $717,000 after purchasing an additional 285 shares in the last quarter. Finally, Oarsman Capital Inc. increased its stake in Freeport-McMoRan by 0.7% during the 3rd quarter. Oarsman Capital Inc. now owns 45,869 shares of the natural resource company’s stock valued at $1,710,000 after purchasing an additional 304 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on FCX. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a research note on Tuesday, April 9th. JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their price target for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Bernstein Bank upped their price target on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Scotiabank increased their price objective on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, April 9th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average target price of $49.15.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $48.00 on Wednesday. The company’s fifty day moving average price is $44.02 and its 200 day moving average price is $40.14. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $52.42. The company has a market capitalization of $68.85 billion, a PE ratio of 37.80, a price-to-earnings-growth ratio of 2.25 and a beta of 2.04. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results 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 8.09% and a return on equity of 8.41%. 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 prior year, the firm posted $0.52 earnings per share. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. On average, research analysts predict that Freeport-McMoRan Inc. will post 1.57 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 23.62%.

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.