Mackenzie Financial Corp Grows Position in Freeport-McMoRan Inc. (NYSE:FCX)

Mackenzie Financial Corp increased its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 4.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,312,240 shares of the natural resource company's stock after purchasing an additional 50,947 shares during the period. Mackenzie Financial Corp owned approximately 0.09% of Freeport-McMoRan worth $55,862,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of FCX. Fairfield Bush & CO. purchased a new position in shares of Freeport-McMoRan in the first quarter worth $26,000. KB Financial Partners LLC purchased a new position in Freeport-McMoRan in the 1st quarter worth about $26,000. Bruce G. Allen Investments LLC bought a new position in Freeport-McMoRan during the 4th quarter valued at about $27,000. Retirement Group LLC boosted its holdings in shares of Freeport-McMoRan by 97.1% during the 2nd quarter. Retirement Group LLC now owns 670 shares of the natural resource company's stock valued at $27,000 after acquiring an additional 330 shares during the last quarter. Finally, BluePath Capital Management LLC bought a new stake in shares of Freeport-McMoRan in the third quarter worth approximately $28,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on FCX shares. Bank of America upgraded shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $59.00 target price on the stock in a report on Tuesday, April 9th. Raymond James lifted their price objective on Freeport-McMoRan from $42.00 to $43.00 and gave the stock an "outperform" rating in a report on Thursday, January 4th. JPMorgan Chase & Co. increased their target price on Freeport-McMoRan from $43.00 to $52.00 and gave the company a "neutral" rating in a report on Wednesday. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $55.00 price target on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Finally, Scotiabank raised their price objective on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the stock a "sector outperform" rating in a report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of "Hold" and a consensus price target of $47.54.

Freeport-McMoRan Price Performance

FCX stock traded up $0.40 during trading on Wednesday, reaching $49.81. The company's stock had a trading volume of 15,793,245 shares, compared to its average volume of 13,708,850. The company's fifty day moving average is $42.87 and its 200-day moving average is $39.68. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $52.42. The company has a market capitalization of $71.45 billion, a P/E ratio of 39.09, a price-to-earnings-growth ratio of 2.26 and a beta of 2.04. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.04. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The company had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter last year, the company earned $0.52 EPS. The firm's quarterly revenue was up 2.6% on a year-over-year basis. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.6 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.20%. Freeport-McMoRan's dividend payout ratio is 23.62%.

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.