Mackenzie Financial Corp Purchases 39,069 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Mackenzie Financial Corp lifted its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 5.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 765,234 shares of the natural resource company's stock after acquiring an additional 39,069 shares during the period. Mackenzie Financial Corp owned about 0.05% of Freeport-McMoRan worth $29,140,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Asset Planning Inc purchased a new stake in Freeport-McMoRan in the 4th quarter worth about $25,000. Mizuho Bank Ltd. acquired a new position in shares of Freeport-McMoRan in the 4th quarter valued at about $26,000. Vision Financial Markets LLC purchased a new stake in shares of Freeport-McMoRan in the fourth quarter worth approximately $27,000. Roxbury Financial LLC acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $28,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in Freeport-McMoRan during the fourth quarter valued at approximately $29,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Stock Performance

NYSE:FCX traded down $0.72 during midday trading on Wednesday, reaching $38.92. The stock had a trading volume of 7,679,524 shares, compared to its average volume of 13,464,070. The stock has a market capitalization of $55.93 billion, a P/E ratio of 30.17, a PEG ratio of 0.87 and a beta of 1.65. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $53.29. The firm's fifty day simple moving average is $36.44 and its 200-day simple moving average is $38.52.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The company had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. During the same period last year, the business posted $0.32 earnings per share. The firm's revenue was down 9.4% compared to the same quarter last year. On average, equities research analysts forecast 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 was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.54%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 24.79%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Argus downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, January 31st. Wolfe Research raised Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price target for the company in a research note on Wednesday, April 16th. UBS Group reduced their price target on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Hsbc Global Res upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. Finally, Scotiabank lifted their target price on shares of Freeport-McMoRan from $40.00 to $43.00 and gave the company a "sector perform" rating in a research note on Wednesday, May 14th. Five investment 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.36.

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.