Elo Mutual Pension Insurance Co Reduces Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Elo Mutual Pension Insurance Co reduced its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.0% during the fourth quarter, Holdings Channel reports. The firm owned 131,125 shares of the natural resource company’s stock after selling 5,398 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Freeport-McMoRan were worth $4,993,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in FCX. Asset Planning Inc purchased a new position in shares of Freeport-McMoRan during the fourth quarter valued at about $25,000. Vision Financial Markets LLC purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $27,000. Laurel Wealth Advisors LLC raised its position in shares of Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after acquiring an additional 600 shares in the last quarter. Roxbury Financial LLC purchased a new position in shares of Freeport-McMoRan in the 4th quarter valued at approximately $28,000. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in shares of Freeport-McMoRan during the fourth quarter valued at approximately $29,000. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FCX has been the subject of a number of research reports. Argus downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research report on Thursday, March 6th. JPMorgan Chase & Co. upgraded shares of Freeport-McMoRan from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $48.00 to $52.00 in a report on Thursday, March 20th. Scotiabank lowered their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, January 24th. Finally, Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $52.04.

Freeport-McMoRan Trading Down 3.6 %

Freeport-McMoRan stock opened at $39.99 on Friday. Freeport-McMoRan Inc. has a one year low of $33.98 and a one year high of $55.24. The business’s fifty day moving average is $38.18 and its 200 day moving average is $41.98. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The stock has a market capitalization of $57.47 billion, a PE ratio of 31.00, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th will be paid a dividend of $0.15 per share. The ex-dividend date is Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.50%. Freeport-McMoRan’s dividend payout ratio is presently 23.26%.

Freeport-McMoRan Profile

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.