Nearwater Capital Markets Ltd purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 261,917 shares of the natural resource company's stock, valued at approximately $9,974,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Asset Planning Inc acquired a new position in shares of Freeport-McMoRan in the 4th quarter valued at about $25,000. Mizuho Bank Ltd. purchased a new position in shares of Freeport-McMoRan during the 4th quarter valued at approximately $26,000. Vision Financial Markets LLC acquired a new position in shares of Freeport-McMoRan in the 4th quarter valued at $27,000. Laurel Wealth Advisors LLC boosted its holdings in Freeport-McMoRan by 487.8% during the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company's stock worth $28,000 after buying an additional 600 shares in the last quarter. Finally, Roxbury Financial LLC acquired a new stake in Freeport-McMoRan during the fourth quarter valued at $28,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several brokerages recently weighed in on FCX. Jefferies Financial Group restated a "buy" rating and issued a $50.00 price target (up previously from $48.00) on shares of Freeport-McMoRan in a research note on Friday, April 25th. BMO Capital Markets reduced their target price on Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating for the company in a research note on Friday, January 24th. JPMorgan Chase & Co. cut their price target on shares of Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. UBS Group decreased their price objective on shares of Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price target for the company in a research report on Thursday, March 6th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $48.09.
Get Our Latest Analysis on Freeport-McMoRan
Freeport-McMoRan Trading Up 0.9%
NYSE FCX opened at $39.47 on Wednesday. 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 stock has a market capitalization of $56.72 billion, a P/E ratio of 30.60, a PEG ratio of 0.87 and a beta of 1.65. The firm's 50-day moving average is $36.35 and its two-hundred day moving average is $39.07. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $55.24.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.01. The firm had revenue of $5.73 billion during the quarter, compared to analysts' expectations of $5.36 billion. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The firm's quarterly revenue was down 9.4% on a year-over-year basis. During the same quarter last year, the company posted $0.32 EPS. On average, sell-side analysts anticipate 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. Investors of record on Tuesday, April 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.52%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan's payout ratio is 24.79%.
About Freeport-McMoRan
(
Free Report)
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.
Further Reading
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