Los Angeles Capital Management LLC Cuts Stake in Freeport-McMoRan Inc. $FCX

Los Angeles Capital Management LLC reduced its position in Freeport-McMoRan Inc. (NYSE:FCX) by 25.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,709,518 shares of the natural resource company’s stock after selling 930,585 shares during the quarter. Los Angeles Capital Management LLC owned about 0.19% of Freeport-McMoRan worth $137,616,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. JPL Wealth Management LLC purchased a new position in Freeport-McMoRan in the third quarter worth $33,000. Kohmann Bosshard Financial Services LLC purchased a new position in Freeport-McMoRan in the fourth quarter worth $38,000. Modus Advisors LLC purchased a new position in Freeport-McMoRan in the fourth quarter worth $40,000. Key Financial Inc grew its holdings in Freeport-McMoRan by 32.3% in the fourth quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock worth $42,000 after purchasing an additional 202 shares during the last quarter. Finally, Laurel Wealth Advisors LLC purchased a new position in Freeport-McMoRan in the fourth quarter worth $43,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Shares of FCX opened at $63.37 on Friday. The firm has a market capitalization of $91.10 billion, a PE ratio of 33.71, a price-to-earnings-growth ratio of 0.76 and a beta of 1.35. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.09. The company’s fifty day moving average price is $63.48 and its 200-day moving average price is $58.17.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data 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 firm had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.24 earnings per share. On average, equities research analysts predict that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan’s payout ratio is 15.96%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FCX. UBS Group lifted their price target on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. Raymond James Financial cut their price target on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a report on Friday, April 24th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Finally, Barclays started coverage on shares of Freeport-McMoRan in a report on Thursday, May 21st. They set an “overweight” rating and a $77.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.04.

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.