Keudell Morrison Wealth Management bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) in the fourth quarter, Holdings Channel.com reports. The firm bought 10,902 shares of the natural resource company’s stock, valued at approximately $554,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of FCX. Vanguard Group Inc. boosted its position in Freeport-McMoRan by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock worth $6,619,611,000 after acquiring an additional 1,572,769 shares during the last quarter. Fisher Asset Management LLC increased its holdings in shares of Freeport-McMoRan by 1.4% in the third quarter. Fisher Asset Management LLC now owns 63,258,414 shares of the natural resource company’s stock valued at $2,480,995,000 after purchasing an additional 899,699 shares during the last quarter. State Street Corp increased its holdings in shares of Freeport-McMoRan by 1.1% in the third quarter. State Street Corp now owns 62,477,910 shares of the natural resource company’s stock valued at $2,450,384,000 after purchasing an additional 690,736 shares during the last quarter. Wellington Management Group LLP lifted its position in Freeport-McMoRan by 190.9% during the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after buying an additional 23,950,557 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Freeport-McMoRan by 2.1% during the third quarter. Bank of New York Mellon Corp now owns 21,671,223 shares of the natural resource company’s stock worth $849,945,000 after buying an additional 435,963 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on the company. Freedom Capital upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Saturday, February 21st. BNP Paribas Exane lowered their price target on shares of Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 28th. HSBC upped their price objective on shares of Freeport-McMoRan from $69.00 to $72.00 and gave the company a “buy” rating in a report on Tuesday, April 14th. Argus upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Friday, February 13th. Finally, Weiss Ratings raised shares of Freeport-McMoRan from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.72.
Freeport-McMoRan Stock Performance
Shares of Freeport-McMoRan stock opened at $61.92 on Friday. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $70.96. The business’s fifty day simple moving average is $61.41 and its 200-day simple moving average is $56.35. The firm has a market cap of $89.01 billion, a PE ratio of 32.94, a price-to-earnings-growth ratio of 0.75 and a beta of 1.32. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. The firm had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period last year, the company earned $0.24 EPS. Equities analysts forecast that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.
Freeport-McMoRan Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 15.96%.
About Freeport-McMoRan
Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.
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