Comprehensive Money Management Services LLC Makes New Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Comprehensive Money Management Services LLC acquired a new position 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 firm acquired 8,091 shares of the natural resource company's stock, valued at approximately $308,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FCX. Wellington Management Group LLP increased its position in Freeport-McMoRan by 237.4% in the fourth quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock worth $351,041,000 after purchasing an additional 6,486,011 shares during the period. Price T Rowe Associates Inc. MD grew its position 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 during the period. Amundi grew its position in shares of Freeport-McMoRan by 30.2% during the 4th quarter. Amundi now owns 21,580,960 shares of the natural resource company's stock worth $857,305,000 after buying an additional 5,001,531 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Freeport-McMoRan by 38.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company's stock worth $619,682,000 after buying an additional 4,488,210 shares during the period. Finally, Franklin Resources Inc. grew its position in shares of Freeport-McMoRan by 8.0% during the 4th quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock worth $1,123,445,000 after buying an additional 2,191,926 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of recent analyst reports. Argus cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Friday, January 31st. Wall Street Zen downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Tuesday, April 8th. JPMorgan Chase & Co. decreased their target price on Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price target for the company in a report on Thursday, March 6th. Finally, Scotiabank lifted their price objective on Freeport-McMoRan from $40.00 to $43.00 and gave the company a "sector perform" rating in a report on Wednesday, May 14th. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $48.36.

Freeport-McMoRan Stock Down 1.5%

NYSE FCX traded down $0.57 during trading on Friday, hitting $38.46. The stock had a trading volume of 17,234,797 shares, compared to its average volume of 13,469,817. The company has a market capitalization of $55.27 billion, a PE ratio of 29.81, a P/E/G ratio of 0.87 and a beta of 1.65. The company's 50-day moving average price is $36.27 and its two-hundred day moving average price is $38.44. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $53.29.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, beating the consensus estimate 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 return on equity of 7.50% and a net margin of 7.42%. The business's quarterly revenue was down 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.32 EPS. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company 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 1.56%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan's payout ratio is 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.