Jeppson Wealth Management LLC lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 18.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 49,840 shares of the natural resource company's stock after purchasing an additional 7,646 shares during the quarter. Jeppson Wealth Management LLC's holdings in Freeport-McMoRan were worth $1,887,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in FCX. Wellington Management Group LLP lifted its holdings in shares of Freeport-McMoRan by 237.4% during the 4th quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock worth $351,041,000 after acquiring an additional 6,486,011 shares during the period. Price T Rowe Associates Inc. MD increased its position in Freeport-McMoRan by 21.9% during the fourth 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 purchasing an additional 5,735,171 shares during the last quarter. Amundi increased its position in Freeport-McMoRan by 30.2% during the fourth quarter. Amundi now owns 21,580,960 shares of the natural resource company's stock worth $857,305,000 after purchasing an additional 5,001,531 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Freeport-McMoRan by 38.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company's stock worth $619,682,000 after purchasing an additional 4,488,210 shares during the period. Finally, Franklin Resources Inc. boosted its holdings in shares of Freeport-McMoRan by 8.0% in the 4th quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock valued at $1,123,445,000 after purchasing an additional 2,191,926 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.
Analyst Ratings Changes
A number of research firms have recently commented on FCX. Wolfe Research upgraded Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price objective for the company in a report on Wednesday, April 16th. JPMorgan Chase & Co. cut their price objective on Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Hsbc Global Res upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 target price for the company in a research report on Thursday, March 6th. Finally, Dbs Bank raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $48.27.
Get Our Latest Stock Report on FCX
Freeport-McMoRan Trading Down 1.4%
NYSE FCX opened at $43.83 on Friday. The stock has a market cap of $62.99 billion, a P/E ratio of 36.23, a PEG ratio of 0.87 and a beta of 1.64. The company's fifty day simple moving average is $39.22 and its 200-day simple moving average is $38.18. The company has a current ratio of 2.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.23 by $0.01. The firm had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.36 billion. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. The firm's 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. Equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.
Freeport-McMoRan Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.37%. Freeport-McMoRan's dividend payout ratio (DPR) is 24.79%.
Insider Activity at Freeport-McMoRan
In related news, CAO Ellie L. Mikes sold 8,584 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the sale, the chief accounting officer now directly owns 48,333 shares of the company's stock, valued at $1,934,286.66. This represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.75% of the stock is currently owned by company insiders.
Freeport-McMoRan Profile
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Free Report)
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.
Further Reading
Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX - Free Report).
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