DoubleLine ETF Adviser LP Takes Position in Freeport-McMoRan Inc. (NYSE:FCX)

DoubleLine ETF Adviser LP purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 112,151 shares of the natural resource company's stock, valued at approximately $4,271,000. Freeport-McMoRan makes up 1.2% of DoubleLine ETF Adviser LP's holdings, making the stock its 23rd largest position.

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

Freeport-McMoRan Trading Down 0.7 %

FCX stock traded down $0.26 during mid-day trading on Monday, reaching $37.34. The company's stock had a trading volume of 7,699,779 shares, compared to its average volume of 13,722,426. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $55.24. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The business's 50 day moving average price is $36.19 and its 200 day moving average price is $39.48. The company has a market cap of $53.66 billion, a price-to-earnings ratio of 28.95, a price-to-earnings-growth ratio of 0.87 and a beta of 1.65.

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

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were issued a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.61%. Freeport-McMoRan's payout ratio is currently 24.79%.

Wall Street Analyst Weigh In

FCX has been the topic of several research reports. Raymond James restated an "outperform" rating and set a $52.00 price target on shares of Freeport-McMoRan in a report on Friday, April 25th. Scotiabank reduced their target price on shares of Freeport-McMoRan from $45.00 to $40.00 and set a "sector perform" rating on the stock in a report on Monday, April 7th. StockNews.com downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Tuesday, April 8th. Jefferies Financial Group reissued a "buy" rating and issued a $50.00 price objective (up previously from $48.00) on shares of Freeport-McMoRan in a research note on Friday, April 25th. Finally, UBS Group lowered 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. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and an average price target of $48.09.

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.