WINTON GROUP Ltd Trims Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

WINTON GROUP Ltd lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 39.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 30,862 shares of the natural resource company’s stock after selling 20,026 shares during the period. WINTON GROUP Ltd’s holdings in Freeport-McMoRan were worth $1,175,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Freeport-McMoRan by 240.1% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 80,000 shares of the natural resource company’s stock worth $3,994,000 after buying an additional 56,475 shares in the last quarter. Larson Financial Group LLC boosted its stake in shares of Freeport-McMoRan by 14.6% in the third quarter. Larson Financial Group LLC now owns 2,252 shares of the natural resource company’s stock worth $112,000 after acquiring an additional 287 shares during the period. Freedom Investment Management Inc. grew its position in shares of Freeport-McMoRan by 22.7% during the third quarter. Freedom Investment Management Inc. now owns 11,893 shares of the natural resource company’s stock worth $594,000 after purchasing an additional 2,200 shares in the last quarter. Glenmede Trust Co. NA raised its stake in Freeport-McMoRan by 13.5% during the 3rd quarter. Glenmede Trust Co. NA now owns 85,373 shares of the natural resource company’s stock valued at $4,262,000 after purchasing an additional 10,156 shares during the period. Finally, CreativeOne Wealth LLC lifted its holdings in Freeport-McMoRan by 19.5% in the 3rd quarter. CreativeOne Wealth LLC now owns 25,239 shares of the natural resource company’s stock worth $1,260,000 after purchasing an additional 4,111 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on FCX shares. BMO Capital Markets reduced their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. JPMorgan Chase & Co. upgraded Freeport-McMoRan from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $48.00 to $52.00 in a research report on Thursday, March 20th. Scotiabank decreased their target price on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research report on Friday, January 24th. Finally, Dbs Bank raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $52.04.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $38.36 on Friday. The firm has a market capitalization of $55.13 billion, a PE ratio of 29.74, a PEG ratio of 0.87 and a beta of 1.87. The stock’s fifty day moving average is $38.14 and its 200 day moving average is $41.96. Freeport-McMoRan Inc. has a fifty-two week low of $33.98 and a fifty-two week high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.56%. The ex-dividend date is Tuesday, April 15th. Freeport-McMoRan’s payout ratio is currently 23.26%.

About Freeport-McMoRan

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.