International Assets Investment Management LLC Sells 1,312,513 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

International Assets Investment Management LLC decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 97.9% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,822 shares of the natural resource company’s stock after selling 1,312,513 shares during the period. International Assets Investment Management LLC’s holdings in Freeport-McMoRan were worth $1,092,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in FCX. Matrix Trust Co bought a new stake in Freeport-McMoRan in the 3rd quarter valued at $25,000. Spectrum Wealth Counsel LLC bought a new position in Freeport-McMoRan in the 2nd quarter valued at about $25,000. Hazlett Burt & Watson Inc. lifted its position in Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after acquiring an additional 480 shares during the last quarter. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Freeport-McMoRan during the second quarter worth approximately $27,000. Finally, Godsey & Gibb Inc. grew its position in shares of Freeport-McMoRan by 150.4% in the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 346 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $39.77 on Friday. The stock has a market cap of $57.15 billion, a PE ratio of 29.03, a P/E/G ratio of 2.90 and a beta of 1.86. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12-month low of $36.26 and a 12-month high of $55.24. The business’s 50-day moving average price is $42.09 and its two-hundred day moving average price is $44.74.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data 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 business had revenue of $6.79 billion during 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 was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.39 EPS. As a group, analysts expect that Freeport-McMoRan Inc. will post 1.49 earnings per share for the current fiscal year.

Freeport-McMoRan Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Wednesday, January 15th will be given a dividend of $0.15 per share. The ex-dividend date is Wednesday, January 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.51%. This is a positive change from Freeport-McMoRan’s previous quarterly dividend of $0.08. Freeport-McMoRan’s payout ratio is currently 21.90%.

Wall Street Analyst Weigh In

FCX has been the subject of several recent research reports. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Jefferies Financial Group decreased their price target on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday. Raymond James lifted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $51.00 to $46.00 in a research report on Tuesday. Finally, JPMorgan Chase & Co. lifted their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $52.96.

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.