Gilman Hill Asset Management LLC Sells 3,264 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Gilman Hill Asset Management LLC cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 2.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 135,435 shares of the natural resource company’s stock after selling 3,264 shares during the period. Gilman Hill Asset Management LLC’s holdings in Freeport-McMoRan were worth $5,157,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of FCX. Acadian Asset Management LLC bought a new position in shares of Freeport-McMoRan in the second quarter valued at approximately $99,000. Blair William & Co. IL raised its holdings in Freeport-McMoRan by 30.3% in the 2nd quarter. Blair William & Co. IL now owns 79,394 shares of the natural resource company’s stock worth $3,859,000 after acquiring an additional 18,461 shares during the period. Ieq Capital LLC lifted its position in Freeport-McMoRan by 11.6% during the 2nd quarter. Ieq Capital LLC now owns 60,822 shares of the natural resource company’s stock worth $2,956,000 after acquiring an additional 6,312 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its holdings in Freeport-McMoRan by 14.2% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 42,665 shares of the natural resource company’s stock valued at $2,074,000 after acquiring an additional 5,316 shares during the period. Finally, Bridges Investment Management Inc. acquired a new stake in shares of Freeport-McMoRan in the second quarter valued at about $292,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $40.27 on Monday. The business has a 50 day simple moving average of $41.25 and a 200 day simple moving average of $44.27. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The company has a market capitalization of $57.86 billion, a PE ratio of 29.39, a price-to-earnings-growth ratio of 2.13 and a beta of 1.87. Freeport-McMoRan Inc. has a one year low of $36.26 and a one year high of $55.24.

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

Freeport-McMoRan Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FCX. Raymond James boosted 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. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Scotiabank reduced their price objective on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a research report on Monday, January 6th. JPMorgan Chase & Co. dropped their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Jefferies Financial Group reduced their price target on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a report on Monday, January 6th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.42.

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.