Traynor Capital Management Inc. Has $4.75 Million Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Traynor Capital Management Inc. grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 20.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 111,520 shares of the natural resource company’s stock after buying an additional 18,813 shares during the period. Traynor Capital Management Inc.’s holdings in Freeport-McMoRan were worth $4,747,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. CM Management LLC lifted its holdings in Freeport-McMoRan by 80.0% during the 3rd quarter. CM Management LLC now owns 36,000 shares of the natural resource company’s stock worth $1,342,000 after purchasing an additional 16,000 shares during the last quarter. Ion Asset Management Ltd. lifted its holdings in Freeport-McMoRan by 72.7% during the 2nd quarter. Ion Asset Management Ltd. now owns 504,000 shares of the natural resource company’s stock worth $20,160,000 after purchasing an additional 212,100 shares during the last quarter. PointState Capital LP lifted its holdings in Freeport-McMoRan by 171.9% during the 2nd quarter. PointState Capital LP now owns 1,439,447 shares of the natural resource company’s stock worth $57,578,000 after purchasing an additional 910,004 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Freeport-McMoRan by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock worth $279,977,000 after purchasing an additional 102,466 shares during the last quarter. Finally, Alphinity Investment Management Pty Ltd raised its holdings in Freeport-McMoRan by 57.4% in the 3rd quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock valued at $201,039,000 after acquiring an additional 1,965,987 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FCX has been the subject of several analyst reports. Raymond James lifted their price objective on Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a report on Thursday, January 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a report on Thursday, January 25th. Morgan Stanley dropped their price objective on Freeport-McMoRan from $41.00 to $40.00 and set an “equal weight” rating for the company in a report on Thursday, December 7th. UBS Group dropped their price objective on Freeport-McMoRan from $42.00 to $41.00 and set a “neutral” rating for the company in a report on Wednesday, December 13th. Finally, Eight Capital set a $55.00 price objective on Freeport-McMoRan and gave the company a “buy” rating in a report on Wednesday, December 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Hold” and an average target price of $44.95.

Freeport-McMoRan Price Performance

Shares of FCX traded up $1.10 during midday trading on Thursday, hitting $46.99. The company’s stock had a trading volume of 20,164,344 shares, compared to its average volume of 12,994,903. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $47.19. The company’s fifty day simple moving average is $40.26 and its two-hundred day simple moving average is $38.67. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $67.40 billion, a price-to-earnings ratio of 37.00 and a beta of 2.02.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly 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 analyst estimates of $5.85 billion. During the same quarter last year, the company posted $0.52 EPS. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.53 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed 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 is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a yield of 1.28%. Freeport-McMoRan’s dividend payout ratio is currently 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.