MGO One Seven LLC Acquires 8,273 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

MGO One Seven LLC boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 103.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,299 shares of the natural resource company’s stock after buying an additional 8,273 shares during the quarter. MGO One Seven LLC’s holdings in Freeport-McMoRan were worth $621,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Asset Planning Inc acquired a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $25,000. Mizuho Bank Ltd. bought a new stake in Freeport-McMoRan during the fourth quarter worth approximately $26,000. Vision Financial Markets LLC acquired a new position in Freeport-McMoRan during the fourth quarter valued at approximately $27,000. Laurel Wealth Advisors LLC raised its position in shares of Freeport-McMoRan by 487.8% in the fourth 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 during the period. Finally, Roxbury Financial LLC acquired a new stake in shares of Freeport-McMoRan in the fourth quarter worth $28,000. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. lowered their target price on shares of Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Dbs Bank raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Wolfe Research upgraded Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 target price for the company in a research note on Wednesday, April 16th. Finally, Hsbc Global Res raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 14th. Five 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 company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.00.

Freeport-McMoRan Stock Performance

FCX opened at $37.32 on Friday. The stock’s 50 day simple moving average is $36.27 and its 200-day simple moving average is $39.95. 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 stock has a market cap of $53.63 billion, a PE ratio of 28.93, a P/E/G ratio of 0.87 and a beta of 1.71. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.01). The business had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. During the same period last year, the firm earned $0.32 EPS. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date is Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio is 24.79%.

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.