Lake Street Private Wealth LLC Sells 551 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Lake Street Private Wealth LLC decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 59,469 shares of the natural resource company’s stock after selling 551 shares during the quarter. Lake Street Private Wealth LLC’s holdings in Freeport-McMoRan were worth $2,265,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Mountaineer Partners Management LLC grew its position in shares of Freeport-McMoRan by 4,767.8% in the third quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock valued at $595,702,000 after purchasing an additional 11,687,982 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Freeport-McMoRan by 142.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company’s stock worth $162,964,000 after purchasing an additional 2,515,103 shares during the period. Franklin Resources Inc. grew its holdings in Freeport-McMoRan by 9.5% during the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock valued at $1,348,522,000 after buying an additional 2,366,187 shares in the last quarter. Los Angeles Capital Management LLC increased its position in shares of Freeport-McMoRan by 423.5% during the third quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock valued at $139,183,000 after buying an additional 2,255,529 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in shares of Freeport-McMoRan by 2.4% in the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after buying an additional 1,392,494 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Raymond James increased their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Finally, Scotiabank lowered their price target on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a report on Monday, January 6th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $52.42.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $40.27 on Friday. The stock’s 50-day moving average is $41.25 and its 200 day moving average is $44.34. The stock has a market cap of $57.86 billion, a price-to-earnings ratio of 29.39, a P/E/G ratio of 2.13 and a beta of 1.87. Freeport-McMoRan Inc. has a 1-year low of $36.26 and a 1-year high of $55.24. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same period last year, the firm posted $0.39 earnings per share. The business’s revenue was up 16.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.46 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Wednesday, January 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.49%. The ex-dividend date is Wednesday, January 15th. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

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.