Freeport-McMoRan Inc. (NYSE:FCX) Stake Lifted by Gotham Asset Management LLC

Gotham Asset Management LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 51.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 196,100 shares of the natural resource company's stock after acquiring an additional 66,745 shares during the period. Gotham Asset Management LLC's holdings in Freeport-McMoRan were worth $7,467,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FCX. Asset Planning Inc purchased a new position in Freeport-McMoRan during the fourth quarter worth approximately $25,000. Mizuho Bank Ltd. purchased a new stake in Freeport-McMoRan during the fourth quarter valued at about $26,000. Vision Financial Markets LLC acquired a new stake in Freeport-McMoRan during the fourth quarter worth about $27,000. Laurel Wealth Advisors LLC lifted its stake in shares of Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company's stock valued at $28,000 after purchasing an additional 600 shares in the last quarter. Finally, Roxbury Financial LLC purchased a new stake in shares of Freeport-McMoRan during the 4th quarter worth about $28,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Stock Down 1.1%

FCX stock traded down $0.42 during mid-day trading on Friday, hitting $38.06. 9,411,728 shares of the company were exchanged, compared to its average volume of 13,636,986. The firm has a fifty day simple moving average of $36.47 and a 200 day simple moving average of $39.01. The company has a market capitalization of $54.69 billion, a PE ratio of 29.49, a price-to-earnings-growth ratio of 0.87 and a beta of 1.65. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $55.24. 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 posted its quarterly earnings results 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. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The business had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same period last year, the firm earned $0.32 earnings per share. The company's revenue for the quarter was down 9.4% compared to the same quarter last year. On average, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were issued a $0.15 dividend. 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 1.58%. Freeport-McMoRan's dividend payout ratio (DPR) is 24.79%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Dbs Bank upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. BMO Capital Markets lowered their price target on Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating for the company in a report on Friday, January 24th. Hsbc Global Res upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Scotiabank increased their target price on Freeport-McMoRan from $40.00 to $43.00 and gave the company a "sector perform" rating in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price target on the stock in a research report on Thursday, March 6th. Five research 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.com, the company presently has an average 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.