Nicholas Hoffman & Company LLC. Has $364,000 Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Nicholas Hoffman & Company LLC. reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 8.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,734 shares of the natural resource company’s stock after selling 760 shares during the period. Nicholas Hoffman & Company LLC.’s holdings in Freeport-McMoRan were worth $364,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Confluence Wealth Services Inc. bought a new position in shares of Freeport-McMoRan in the 1st quarter valued at $207,000. Byrne Asset Management LLC increased its holdings in Freeport-McMoRan by 3.4% in the 1st quarter. Byrne Asset Management LLC now owns 25,220 shares of the natural resource company’s stock worth $1,186,000 after purchasing an additional 830 shares in the last quarter. PFG Investments LLC raised its position in Freeport-McMoRan by 31.1% in the first quarter. PFG Investments LLC now owns 22,090 shares of the natural resource company’s stock valued at $1,039,000 after purchasing an additional 5,246 shares during the last quarter. Ashton Thomas Private Wealth LLC boosted its stake in shares of Freeport-McMoRan by 3.5% during the first quarter. Ashton Thomas Private Wealth LLC now owns 19,091 shares of the natural resource company’s stock valued at $898,000 after purchasing an additional 649 shares in the last quarter. Finally, Willis Johnson & Associates Inc. grew its holdings in shares of Freeport-McMoRan by 12.2% during the first quarter. Willis Johnson & Associates Inc. now owns 7,297 shares of the natural resource company’s stock worth $343,000 after purchasing an additional 793 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

FCX has been the topic of several analyst reports. Argus boosted their price objective on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a research note on Tuesday, April 9th. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 target price on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Scotiabank dropped their price target on shares of Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, April 24th. Finally, HSBC increased their price objective on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research report on Tuesday, April 23rd. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.07.

Freeport-McMoRan Price Performance

Shares of FCX traded down $2.47 during midday trading on Tuesday, hitting $49.94. 16,741,985 shares of the company traded hands, compared to its average volume of 14,161,316. The stock has a 50-day moving average of $44.97 and a 200-day moving average of $40.51. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $52.52. The firm has a market cap of $71.63 billion, a P/E ratio of 44.20, a PEG ratio of 8.18 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. The company had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.52 earnings per share. As a group, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.67 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s payout ratio is 26.55%.

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.