Malaga Cove Capital LLC Boosts Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Malaga Cove Capital LLC increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 18.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 54,493 shares of the natural resource company's stock after buying an additional 8,593 shares during the period. Malaga Cove Capital LLC's holdings in Freeport-McMoRan were worth $2,075,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Madison Investment Advisors LLC bought a new position in Freeport-McMoRan during the 4th quarter worth approximately $3,388,000. Czech National Bank raised its holdings in Freeport-McMoRan by 6.4% during the 4th quarter. Czech National Bank now owns 311,555 shares of the natural resource company's stock worth $11,864,000 after purchasing an additional 18,852 shares during the last quarter. Vanguard Group Inc. raised its holdings in Freeport-McMoRan by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company's stock worth $4,692,191,000 after purchasing an additional 642,776 shares during the last quarter. Wellington Management Group LLP raised its holdings in Freeport-McMoRan by 237.4% during the 4th quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock worth $351,041,000 after purchasing an additional 6,486,011 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in Freeport-McMoRan by 5.4% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 159,536 shares of the natural resource company's stock worth $6,075,000 after purchasing an additional 8,195 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Down 1.2%

NYSE FCX traded down $0.46 during mid-day trading on Friday, hitting $38.01. The company's stock had a trading volume of 13,547,607 shares, compared to its average volume of 13,647,592. The company's 50 day simple moving average is $36.51 and its 200 day simple moving average is $38.95. 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. The firm has a market capitalization of $54.63 billion, a price-to-earnings ratio of 29.47, a PEG ratio of 0.87 and a beta of 1.65.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted 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 net margin of 7.42% and a return on equity of 7.50%. The business had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same quarter last year, the firm posted $0.32 EPS. Freeport-McMoRan's revenue was down 9.4% compared to the same quarter last year. Analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio is 24.79%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on FCX shares. Argus lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Friday, January 31st. Hsbc Global Res upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. Jefferies Financial Group reaffirmed a "buy" rating and set a $50.00 price objective (up previously from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective for the company in a research report on Thursday, March 6th. Finally, UBS Group reduced their price objective on shares of 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 equities research 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, the stock currently has a consensus rating of "Moderate Buy" and an average 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.