Jennison Associates LLC Has $10.54 Million Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Jennison Associates LLC decreased its holdings in shares of 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 fund 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 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. MCF Advisors LLC increased its position in Freeport-McMoRan by 15.3% during the fourth quarter. MCF Advisors LLC now owns 3,227 shares of the natural resource company’s stock worth $137,000 after buying an additional 429 shares during the last quarter. Handelsbanken Fonder AB increased its holdings in shares of Freeport-McMoRan by 11.4% during the 4th quarter. Handelsbanken Fonder AB now owns 564,017 shares of the natural resource company’s stock valued at $24,010,000 after acquiring an additional 57,778 shares during the last quarter. CWM LLC raised its stake in shares of Freeport-McMoRan by 6.3% in the 4th quarter. CWM LLC now owns 37,394 shares of the natural resource company’s stock valued at $1,592,000 after acquiring an additional 2,220 shares in the last quarter. Riggs Asset Managment Co. Inc. lifted its holdings in Freeport-McMoRan by 1.8% in the 4th quarter. Riggs Asset Managment Co. Inc. now owns 39,940 shares of the natural resource company’s stock worth $1,700,000 after purchasing an additional 722 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Freeport-McMoRan by 1.0% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 128,882 shares of the natural resource company’s stock worth $5,487,000 after purchasing an additional 1,294 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 2.4 %

Shares of FCX stock opened at $49.40 on Friday. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $52.42. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.38. The stock has a fifty day moving average price of $44.24 and a 200 day moving average price of $40.20. The stock has a market cap of $70.86 billion, a P/E ratio of 43.72, a price-to-earnings-growth ratio of 2.21 and a beta of 2.04.

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

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders 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 1.21%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s payout ratio is 26.55%.

Analyst Ratings Changes

FCX has been the topic of a number of recent analyst reports. Bank of America raised 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 report on Tuesday, April 9th. Raymond James lifted their target price on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday. HSBC upped their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a report on Tuesday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Finally, JPMorgan Chase & Co. cut their price objective on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research report on Wednesday. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.07.

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.