Headlands Technologies LLC Trims Position in Freeport-McMoRan Inc. (NYSE:FCX)

Headlands Technologies LLC reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 26.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,328 shares of the natural resource company’s stock after selling 1,184 shares during the period. Headlands Technologies LLC’s holdings in Freeport-McMoRan were worth $142,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Bruce G. Allen Investments LLC acquired a new stake in Freeport-McMoRan during the fourth quarter worth about $27,000. BluePath Capital Management LLC purchased a new stake in Freeport-McMoRan during the third quarter worth $28,000. Webster Bank N. A. grew its position in Freeport-McMoRan by 6,469.2% during the fourth quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock valued at $36,000 after buying an additional 841 shares during the period. CVA Family Office LLC purchased a new position in Freeport-McMoRan in the fourth quarter valued at $38,000. Finally, Orion Capital Management LLC purchased a new position in Freeport-McMoRan in the third quarter valued at $40,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 3.8 %

Shares of FCX opened at $52.41 on Tuesday. The company’s 50-day simple moving average is $44.97 and its 200-day simple moving average is $40.51. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $52.52. The stock has a market capitalization of $75.18 billion, a PE ratio of 46.38, a P/E/G ratio of 8.18 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last released its 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 6.97% and a return on equity of 7.17%. The company had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period in the prior year, the business earned $0.52 EPS. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. Analysts forecast that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.14%. Freeport-McMoRan’s payout ratio is 26.55%.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of analyst reports. Bernstein Bank raised their target price on Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research report on Tuesday, April 23rd. Scotiabank dropped their price objective on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating on the stock in a report on Wednesday, April 24th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price for the company in a research note on Tuesday, April 9th. StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Finally, Argus upped their price objective on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average 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.