49,139 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Purchased by Concentric Capital Strategies LP

Concentric Capital Strategies LP acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 49,139 shares of the natural resource company's stock, valued at approximately $1,871,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Madison Investment Advisors LLC purchased a new stake in Freeport-McMoRan during the 4th quarter worth about $3,388,000. Principal Financial Group Inc. increased its position in shares of Freeport-McMoRan by 4.1% during the third quarter. Principal Financial Group Inc. now owns 1,684,393 shares of the natural resource company's stock valued at $84,085,000 after buying an additional 66,699 shares during the period. Czech National Bank lifted its holdings in shares of Freeport-McMoRan by 6.4% in the fourth quarter. Czech National Bank now owns 311,555 shares of the natural resource company's stock worth $11,864,000 after buying an additional 18,852 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of 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 acquiring an additional 642,776 shares during the period. Finally, Wellington Management Group LLP grew its stake in Freeport-McMoRan by 237.4% during the fourth quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock valued at $351,041,000 after acquiring an additional 6,486,011 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FCX. Scotiabank cut their price target on shares of Freeport-McMoRan from $45.00 to $40.00 and set a "sector perform" rating for the company in a report on Monday, April 7th. UBS Group reduced their target price on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their price target on Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective for the company in a report on Thursday, March 6th. Finally, Jefferies Financial Group reiterated a "buy" rating and set a $50.00 target price (up from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $48.09.

Freeport-McMoRan Trading Up 0.7 %

Shares of Freeport-McMoRan stock traded up $0.28 on Friday, hitting $37.76. The stock had a trading volume of 7,295,870 shares, compared to its average volume of 13,683,521. The stock's 50-day simple moving average is $36.29 and its two-hundred day simple moving average is $39.23. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $55.24. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The stock has a market cap of $54.26 billion, a price-to-earnings ratio of 29.27, a PEG ratio of 0.87 and a beta of 1.65.

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

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were given a $0.15 dividend. The ex-dividend date was Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.59%. Freeport-McMoRan's dividend payout ratio is currently 24.79%.

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.