Employees Retirement System of Texas boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 28.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,050,591 shares of the natural resource company’s stock after buying an additional 459,214 shares during the quarter. Freeport-McMoRan makes up approximately 0.8% of Employees Retirement System of Texas’ investment portfolio, making the stock its 25th largest position. Employees Retirement System of Texas’ holdings in Freeport-McMoRan were worth $104,150,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in FCX. Brighton Jones LLC increased its position in Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after acquiring an additional 2,882 shares during the period. Bison Wealth LLC raised its stake in shares of Freeport-McMoRan by 5.6% during the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after acquiring an additional 507 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Freeport-McMoRan during the second quarter worth $560,000. Brown Advisory Inc. lifted its holdings in shares of Freeport-McMoRan by 27.0% during the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock worth $539,000 after purchasing an additional 2,648 shares during the period. Finally, Jump Financial LLC grew its stake in shares of Freeport-McMoRan by 42.7% in the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock worth $2,172,000 after purchasing an additional 14,992 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research analysts recently issued reports on the company. The Goldman Sachs Group lowered their target price on Freeport-McMoRan from $70.00 to $68.00 and set a “buy” rating for the company in a research report on Friday, April 24th. Argus upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Friday, February 13th. Barclays assumed coverage on Freeport-McMoRan in a research note on Thursday, May 21st. They issued an “overweight” rating and a $77.00 price target for the company. HSBC raised their price objective on Freeport-McMoRan from $69.00 to $72.00 and gave the stock a “buy” rating in a research report on Tuesday, April 14th. Finally, Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.72.
Freeport-McMoRan Stock Performance
Shares of Freeport-McMoRan stock opened at $64.32 on Wednesday. The business has a 50-day moving average price of $61.63 and a two-hundred day moving average price of $56.79. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $70.96. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The company has a market cap of $92.46 billion, a P/E ratio of 34.21, a PEG ratio of 0.75 and a beta of 1.32.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating 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 company had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the previous year, the business earned $0.24 EPS. The firm’s revenue was up 8.8% compared to the same quarter last year. As a group, analysts anticipate that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.
Freeport-McMoRan Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s payout ratio is 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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