Twin Capital Management Inc. Sells 1,232 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Twin Capital Management Inc. lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 2.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 48,937 shares of the natural resource company’s stock after selling 1,232 shares during the period. Twin Capital Management Inc.’s holdings in Freeport-McMoRan were worth $2,083,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in FCX. Fairfield Bush & CO. bought a new stake in shares of Freeport-McMoRan in the first quarter valued at about $26,000. Synovus Financial Corp lifted its stake in Freeport-McMoRan by 15.2% during the first quarter. Synovus Financial Corp now owns 11,101 shares of the natural resource company’s stock worth $553,000 after purchasing an additional 1,468 shares during the period. Blair William & Co. IL lifted its stake in Freeport-McMoRan by 40.8% during the first quarter. Blair William & Co. IL now owns 112,066 shares of the natural resource company’s stock worth $5,574,000 after purchasing an additional 32,474 shares during the period. Sei Investments Co. lifted its stake in Freeport-McMoRan by 73.6% during the first quarter. Sei Investments Co. now owns 132,043 shares of the natural resource company’s stock worth $6,624,000 after purchasing an additional 55,987 shares during the period. Finally, Baird Financial Group Inc. lifted its stake in Freeport-McMoRan by 22.0% during the first quarter. Baird Financial Group Inc. now owns 79,686 shares of the natural resource company’s stock worth $3,964,000 after purchasing an additional 14,388 shares during the period. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $41.00 to $48.50 in a research note on Monday, January 8th. Scotiabank raised their price target on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, April 9th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price target on shares of Freeport-McMoRan in a research note on Thursday, January 25th. JPMorgan Chase & Co. raised their price objective on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a report on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $47.54.

Freeport-McMoRan Trading Up 0.7 %

Shares of NYSE FCX opened at $50.16 on Friday. The company’s fifty day moving average is $43.32 and its 200-day moving average is $39.82. The stock has a market cap of $71.95 billion, a price-to-earnings ratio of 39.50, a P/E/G ratio of 2.25 and a beta of 2.04. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $52.42. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04. The company had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $5.85 billion. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the firm posted $0.52 earnings per share. Equities research analysts predict that Freeport-McMoRan Inc. will post 1.6 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.20%. Freeport-McMoRan’s dividend payout ratio is currently 23.62%.

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.