1248 Management LLC Makes New $363,000 Investment in Freeport-McMoRan Inc. (NYSE:FCX)

1248 Management LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 9,542 shares of the natural resource company's stock, valued at approximately $363,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Freeport-McMoRan by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company's stock valued at $4,692,191,000 after buying an additional 642,776 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Freeport-McMoRan by 21.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock valued at $1,214,203,000 after acquiring an additional 5,735,171 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Freeport-McMoRan by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 29,579,298 shares of the natural resource company's stock valued at $1,122,922,000 after acquiring an additional 688,240 shares in the last quarter. Franklin Resources Inc. lifted its stake in Freeport-McMoRan by 8.0% during the fourth quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock worth $1,123,445,000 after purchasing an additional 2,191,926 shares during the last quarter. Finally, Capital World Investors lifted its stake in Freeport-McMoRan by 3.2% during the fourth quarter. Capital World Investors now owns 24,055,524 shares of the natural resource company's stock worth $916,037,000 after purchasing an additional 750,500 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Up 1.1 %

Shares of FCX opened at $36.44 on Friday. The stock has a fifty day moving average price of $36.18 and a two-hundred day moving average price of $39.66. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The company has a market cap of $52.37 billion, a price-to-earnings ratio of 28.25, a PEG ratio of 0.87 and a beta of 1.71. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. The firm had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The business's revenue for the quarter was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.32 EPS. Analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.65%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan's payout ratio is 24.79%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on FCX shares. BMO Capital Markets cut their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a report on Friday, January 24th. Dbs Bank upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Argus downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, January 31st. Raymond James reiterated an "outperform" rating and issued a $52.00 target price on shares of Freeport-McMoRan in a research note on Friday, April 25th. Finally, Sanford C. Bernstein lowered shares of Freeport-McMoRan from an "outperform" rating to a "market perform" rating and lowered their price target for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Five analysts have rated the stock with a hold rating, eight have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $48.09.

Freeport-McMoRan Company 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.

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