Shikiar Asset Management Inc. Reduces Position in Freeport-McMoRan Inc. (NYSE:FCX)

Shikiar Asset Management Inc. lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 116,820 shares of the natural resource company’s stock after selling 10,200 shares during the period. Freeport-McMoRan comprises about 1.2% of Shikiar Asset Management Inc.’s investment portfolio, making the stock its 28th biggest holding. Shikiar Asset Management Inc.’s holdings in Freeport-McMoRan were worth $4,449,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of FCX. Matrix Trust Co bought a new position in Freeport-McMoRan in the 3rd quarter worth $25,000. University of Texas Texas AM Investment Management Co. bought a new position in shares of Freeport-McMoRan in the 2nd quarter worth approximately $27,000. Laurel Wealth Advisors LLC boosted its position in shares of Freeport-McMoRan by 487.8% during the fourth 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. Godsey & Gibb Inc. grew its stake in Freeport-McMoRan by 150.4% in the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 346 shares during the period. Finally, Continuum Advisory LLC lifted its position in Freeport-McMoRan by 46.8% during the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after buying an additional 236 shares during the period. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Price Performance

FCX opened at $40.27 on Friday. The company’s 50-day simple moving average is $41.25 and its two-hundred day simple moving average is $44.34. Freeport-McMoRan Inc. has a 52-week low of $36.26 and a 52-week high of $55.24. The stock has a market capitalization of $57.86 billion, a P/E ratio of 29.39, a P/E/G ratio of 2.13 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share 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 company had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter in the prior year, the firm earned $0.39 earnings per share. The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.46 EPS for the current year.

Freeport-McMoRan Announces 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 issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.49%. The ex-dividend date is Wednesday, January 15th. Freeport-McMoRan’s payout ratio is currently 21.90%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Raymond James increased their price target 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. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Jefferies Financial Group reduced their price objective on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, January 6th. JPMorgan Chase & Co. dropped their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $52.42.

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.