Hodges Capital Management Inc. Reduces Position in Freeport-McMoRan Inc (FCX)

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Hodges Capital Management Inc. cut its position in shares of Freeport-McMoRan Inc (NYSE:FCX) by 12.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,375 shares of the natural resource company’s stock after selling 1,800 shares during the quarter. Hodges Capital Management Inc.’s holdings in Freeport-McMoRan were worth $160,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FCX. Renaissance Technologies LLC boosted its position in shares of Freeport-McMoRan by 426.2% during the third quarter. Renaissance Technologies LLC now owns 2,133,171 shares of the natural resource company’s stock valued at $29,694,000 after purchasing an additional 1,727,771 shares in the last quarter. LPL Financial LLC boosted its position in shares of Freeport-McMoRan by 3.9% during the third quarter. LPL Financial LLC now owns 496,360 shares of the natural resource company’s stock valued at $6,909,000 after purchasing an additional 18,860 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Freeport-McMoRan by 6.7% during the third quarter. The Manufacturers Life Insurance Company now owns 1,480,437 shares of the natural resource company’s stock valued at $20,608,000 after purchasing an additional 92,883 shares in the last quarter. Verition Fund Management LLC boosted its position in shares of Freeport-McMoRan by 35.1% during the third quarter. Verition Fund Management LLC now owns 26,854 shares of the natural resource company’s stock valued at $374,000 after purchasing an additional 6,979 shares in the last quarter. Finally, MetLife Investment Advisors LLC boosted its position in shares of Freeport-McMoRan by 6.3% during the third quarter. MetLife Investment Advisors LLC now owns 421,518 shares of the natural resource company’s stock valued at $5,868,000 after purchasing an additional 24,881 shares in the last quarter. Institutional investors own 70.76% of the company’s stock.

Several equities research analysts have commented on the company. Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $14.00 to $16.00 in a report on Tuesday, February 19th. ValuEngine downgraded Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a report on Thursday, January 24th. Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and dropped their target price for the stock from $16.00 to $14.00 in a report on Tuesday, February 12th. UBS Group set a $14.00 target price on Freeport-McMoRan and gave the stock a “hold” rating in a report on Friday, April 5th. Finally, Raymond James dropped their target price on Freeport-McMoRan from $14.50 to $14.00 and set a “market perform” rating on the stock in a report on Friday, January 25th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the stock. Freeport-McMoRan presently has a consensus rating of “Hold” and an average price target of $15.57.

Freeport-McMoRan stock opened at $14.16 on Wednesday. The firm has a market capitalization of $19.84 billion, a price-to-earnings ratio of 9.32 and a beta of 2.26. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.79 and a current ratio of 3.22. Freeport-McMoRan Inc has a 12 month low of $9.60 and a 12 month high of $19.70.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 24th. The natural resource company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.07). The business had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.86 billion. Freeport-McMoRan had a net margin of 12.12% and a return on equity of 15.77%. The company’s revenue for the quarter was down 26.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.51 earnings per share. On average, research analysts predict that Freeport-McMoRan Inc will post 0.5 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s payout ratio is currently 13.16%.

In other news, VP C Donald Whitmire, Jr. sold 7,425 shares of the company’s stock in a transaction on Tuesday, February 12th. The stock was sold at an average price of $11.58, for a total transaction of $85,981.50. Following the transaction, the vice president now directly owns 67,974 shares of the company’s stock, valued at $787,138.92. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.05% of the company’s stock.

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Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

Further Reading: What are the qualifications of a portfolio manager?

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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