Redhawk Wealth Advisors Inc. Trims Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Redhawk Wealth Advisors Inc. decreased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 10.3% in the fourth quarter, Holdings Channel reports. The firm owned 5,934 shares of the natural resource company’s stock after selling 683 shares during the period. Redhawk Wealth Advisors Inc.’s holdings in Freeport-McMoRan were worth $226,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Laurel Wealth Advisors LLC raised its position in Freeport-McMoRan by 487.8% during the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 600 shares in the last quarter. Park Avenue Securities LLC raised its holdings in shares of Freeport-McMoRan by 17.0% in the fourth quarter. Park Avenue Securities LLC now owns 25,714 shares of the natural resource company’s stock valued at $979,000 after acquiring an additional 3,728 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in Freeport-McMoRan by 142.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company’s stock worth $162,964,000 after acquiring an additional 2,515,103 shares during the period. SeaCrest Wealth Management LLC grew its holdings in Freeport-McMoRan by 1.6% during the 4th quarter. SeaCrest Wealth Management LLC now owns 19,104 shares of the natural resource company’s stock worth $727,000 after acquiring an additional 307 shares in the last quarter. Finally, Accurate Wealth Management LLC increased its position in Freeport-McMoRan by 36.2% during the 4th quarter. Accurate Wealth Management LLC now owns 30,464 shares of the natural resource company’s stock valued at $1,188,000 after purchasing an additional 8,098 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX opened at $40.03 on Friday. The company has a market cap of $57.52 billion, a P/E ratio of 29.22, a price-to-earnings-growth ratio of 2.13 and a beta of 1.87. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The firm’s 50-day moving average price is $41.37 and its 200-day moving average price is $44.40. Freeport-McMoRan Inc. has a 52-week low of $36.26 and a 52-week high of $55.24.

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

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Wednesday, January 15th will be paid a $0.15 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.50%. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.90%.

Analyst Ratings Changes

FCX has been the topic of a number of recent research reports. Scotiabank dropped their price objective on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research note on Monday, January 6th. Morgan Stanley dropped their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. JPMorgan Chase & Co. decreased their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Jefferies Financial Group cut their target price on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus price target 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.