Sherbrooke Park Advisers LLC Acquires 9,012 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Sherbrooke Park Advisers LLC lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 61.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,748 shares of the natural resource company's stock after purchasing an additional 9,012 shares during the period. Sherbrooke Park Advisers LLC's holdings in Freeport-McMoRan were worth $904,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. Rafferty Asset Management LLC increased its position in shares of Freeport-McMoRan by 10.6% in the fourth quarter. Rafferty Asset Management LLC now owns 129,326 shares of the natural resource company's stock worth $4,925,000 after acquiring an additional 12,386 shares in the last quarter. Recurrent Investment Advisors LLC raised its holdings in Freeport-McMoRan by 77.1% during the fourth quarter. Recurrent Investment Advisors LLC now owns 71,263 shares of the natural resource company's stock valued at $2,714,000 after buying an additional 31,023 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in Freeport-McMoRan in the 4th quarter worth approximately $1,176,000. ProShare Advisors LLC lifted its stake in shares of Freeport-McMoRan by 14.9% in the fourth quarter. ProShare Advisors LLC now owns 260,243 shares of the natural resource company's stock worth $9,910,000 after buying an additional 33,749 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its holdings in Freeport-McMoRan by 27.8% during the fourth quarter. Quantinno Capital Management LP now owns 166,741 shares of the natural resource company's stock valued at $6,350,000 after acquiring an additional 36,237 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

FCX stock traded up $0.76 during trading on Monday, hitting $38.78. The company had a trading volume of 11,103,723 shares, compared to its average volume of 13,620,226. The company has a fifty day moving average price of $36.55 and a two-hundred day moving average price of $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. The company has a market cap of $55.73 billion, a P/E ratio of 30.06, a P/E/G ratio of 0.87 and a beta of 1.65. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly 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 business had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.36 billion. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. Freeport-McMoRan's quarterly revenue was down 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.32 EPS. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.55%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio is 24.79%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on FCX. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 target price for the company in a research note on Thursday, March 6th. Hsbc Global Res upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Wolfe Research upgraded Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 target price for the company in a research note on Wednesday, April 16th. Raymond James reiterated an "outperform" rating and issued a $52.00 price objective on shares of Freeport-McMoRan in a research report on Friday, April 25th. Finally, UBS Group reduced their price objective 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 analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.36.

About Freeport-McMoRan

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.