Calamos Advisors LLC Sells 4,265 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Calamos Advisors LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 0.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 931,973 shares of the natural resource company’s stock after selling 4,265 shares during the quarter. Calamos Advisors LLC owned about 0.06% of Freeport-McMoRan worth $39,674,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Freeport-McMoRan by 102.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,698,016 shares of the natural resource company’s stock valued at $355,838,000 after buying an additional 4,410,429 shares during the period. Capital Wealth Planning LLC purchased a new position in shares of Freeport-McMoRan during the third quarter valued at about $160,160,000. Mizuho Markets Americas LLC purchased a new position in shares of Freeport-McMoRan during the third quarter valued at about $141,407,000. Imprint Wealth LLC grew its position in Freeport-McMoRan by 1,678.9% in the second quarter. Imprint Wealth LLC now owns 2,098,587 shares of the natural resource company’s stock worth $209,859,000 after acquiring an additional 1,980,616 shares in the last quarter. Finally, Alphinity Investment Management Pty Ltd grew its position in Freeport-McMoRan by 57.4% in the third quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock worth $201,039,000 after acquiring an additional 1,965,987 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Freeport-McMoRan Price Performance

Shares of NYSE FCX traded up $0.34 during midday trading on Thursday, hitting $50.16. The company had a trading volume of 15,709,483 shares, compared to its average volume of 13,735,646. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $71.95 billion, a price-to-earnings ratio of 39.22, a price-to-earnings-growth ratio of 2.23 and a beta of 2.04. The business has a 50-day simple moving average of $43.08 and a two-hundred day simple moving average of $39.75. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $52.42.

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

Freeport-McMoRan Announces Dividend

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

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.