Baker Avenue Asset Management LP Has $8.87 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Baker Avenue Asset Management LP lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 5.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 232,890 shares of the natural resource company's stock after purchasing an additional 12,589 shares during the quarter. Baker Avenue Asset Management LP's holdings in Freeport-McMoRan were worth $8,868,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of FCX. Bearing Point Capital LLC bought a new position in Freeport-McMoRan during the fourth quarter valued at about $217,000. Alteri Wealth LLC bought a new position in shares of Freeport-McMoRan in the 4th quarter valued at approximately $258,000. American Trust Investment Advisors LLC lifted its holdings in Freeport-McMoRan by 2.4% in the 4th quarter. American Trust Investment Advisors LLC now owns 95,878 shares of the natural resource company's stock worth $3,651,000 after purchasing an additional 2,270 shares during the last quarter. AXA S.A. boosted its position in Freeport-McMoRan by 375.2% during the fourth quarter. AXA S.A. now owns 165,803 shares of the natural resource company's stock worth $6,314,000 after purchasing an additional 130,914 shares during the period. Finally, AlTi Global Inc. bought a new position in shares of Freeport-McMoRan in the fourth quarter valued at approximately $225,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FCX. Raymond James reaffirmed an "outperform" rating and set a $52.00 price objective on shares of Freeport-McMoRan in a report on Friday, April 25th. UBS Group lowered their price target on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Sanford C. Bernstein downgraded Freeport-McMoRan from an "outperform" rating to a "market perform" rating and decreased their target price for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. BMO Capital Markets lowered their target price on Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a report on Friday, January 24th. Finally, StockNews.com lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Tuesday, April 8th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $48.09.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock traded up $0.63 during trading on Tuesday, hitting $37.98. 9,763,600 shares of the company's stock traded hands, compared to its average volume of 13,717,728. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $55.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The company has a market cap of $54.59 billion, a PE ratio of 29.45, a PEG ratio of 0.87 and a beta of 1.65. The firm's fifty day moving average price is $36.18 and its 200 day moving average price is $39.40.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.01. The company 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%. The company's revenue was down 9.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.32 EPS. Analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were paid a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.58%. Freeport-McMoRan's dividend payout ratio is presently 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.