Fisher Asset Management LLC raised its stake in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 1.0% during the 4th quarter, Holdings Channel.com reports. The firm owned 63,880,757 shares of the natural resource company’s stock after buying an additional 622,343 shares during the quarter. Freeport-McMoRan accounts for 1.1% of Fisher Asset Management LLC’s investment portfolio, making the stock its 26th biggest holding. Fisher Asset Management LLC’s holdings in Freeport-McMoRan were worth $3,244,504,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Leo Wealth LLC grew its stake in Freeport-McMoRan by 2.5% in the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock valued at $347,000 after purchasing an additional 170 shares during the last quarter. Physician Wealth Advisors Inc. grew its stake in Freeport-McMoRan by 23.5% in the fourth quarter. Physician Wealth Advisors Inc. now owns 924 shares of the natural resource company’s stock valued at $47,000 after purchasing an additional 176 shares during the last quarter. Castle Rock Wealth Management LLC grew its stake in Freeport-McMoRan by 3.3% in the fourth quarter. Castle Rock Wealth Management LLC now owns 5,687 shares of the natural resource company’s stock valued at $289,000 after purchasing an additional 180 shares during the last quarter. Private Trust Co. NA grew its stake in Freeport-McMoRan by 6.7% in the fourth quarter. Private Trust Co. NA now owns 3,119 shares of the natural resource company’s stock valued at $158,000 after purchasing an additional 195 shares during the last quarter. Finally, Nations Financial Group Inc. IA ADV grew its stake in Freeport-McMoRan by 0.3% in the fourth quarter. Nations Financial Group Inc. IA ADV now owns 64,438 shares of the natural resource company’s stock valued at $3,273,000 after purchasing an additional 207 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on FCX shares. JPMorgan Chase & Co. cut their target price on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a research note on Monday, April 27th. Sanford C. Bernstein cut their target price on Freeport-McMoRan from $54.00 to $53.50 and set a “market perform” rating on the stock in a research note on Friday, April 24th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. Bank of America lifted their target price on Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Finally, Wells Fargo & Company cut their target price on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus price target of $65.72.
Freeport-McMoRan Price Performance
Shares of FCX stock opened at $61.92 on Monday. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $70.96. The firm has a market capitalization of $89.01 billion, a price-to-earnings ratio of 32.94, a PEG ratio of 0.75 and a beta of 1.32. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The stock’s 50-day simple moving average is $61.41 and its 200-day simple moving average is $56.46.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the previous year, the firm earned $0.24 earnings per share. The company’s revenue was up 8.8% on a year-over-year basis. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.
Freeport-McMoRan Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were given a $0.075 dividend. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is currently 15.96%.
Freeport-McMoRan Company Profile
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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