Thornburg Investment Management Inc. Grows Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Thornburg Investment Management Inc. grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 24.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,441,053 shares of the natural resource company's stock after acquiring an additional 486,461 shares during the period. Freeport-McMoRan comprises 1.2% of Thornburg Investment Management Inc.'s holdings, making the stock its 23rd biggest position. Thornburg Investment Management Inc. owned about 0.17% of Freeport-McMoRan worth $92,955,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

FCX has been the topic of several research reports. Argus downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, January 31st. Hsbc Global Res raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note 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 price target on the stock in a research note on Thursday, March 6th. Jefferies Financial Group reissued a "buy" rating and issued a $50.00 price target (up from $48.00) on shares of Freeport-McMoRan in a research note on Friday, April 25th. Finally, Raymond James reissued an "outperform" rating and issued a $52.00 price target on shares of Freeport-McMoRan in a research note on Friday, April 25th. Five 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 company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $48.36.

Freeport-McMoRan Trading Down 1.1%

FCX traded down $0.43 on Tuesday, hitting $38.37. The company had a trading volume of 7,847,963 shares, compared to its average volume of 13,588,531. The firm has a market cap of $55.14 billion, a P/E ratio of 29.74, a PEG ratio of 0.87 and a beta of 1.65. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $54.95. The company's fifty day moving average price is $36.56 and its 200 day moving average price is $38.81. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results 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 business had revenue of $5.73 billion for 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% on a year-over-year basis. During the same period in the previous year, the firm earned $0.32 EPS. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio (DPR) 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.