Boston Partners boosted its position in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 75.1% in the 4th quarter, Holdings Channel reports. The institutional investor owned 7,916,348 shares of the natural resource company’s stock after buying an additional 3,395,264 shares during the period. Boston Partners’ holdings in Freeport-McMoRan were worth $404,695,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the stock. KBC Group NV boosted its position in shares of Freeport-McMoRan by 49.0% during the fourth quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock worth $11,267,000 after buying an additional 73,002 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in shares of Freeport-McMoRan in the fourth quarter valued at $8,857,000. Wellington Management Group LLP increased its holdings in shares of Freeport-McMoRan by 190.9% in the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after buying an additional 23,950,557 shares in the last quarter. Dynamic Technology Lab Private Ltd increased its holdings in shares of Freeport-McMoRan by 426.3% in the third quarter. Dynamic Technology Lab Private Ltd now owns 81,892 shares of the natural resource company’s stock valued at $3,212,000 after buying an additional 66,331 shares in the last quarter. Finally, Powszechne Towarzystwo Emerytalne Allianz Polska S.A. increased its holdings in shares of Freeport-McMoRan by 175.4% in the fourth quarter. Powszechne Towarzystwo Emerytalne Allianz Polska S.A. now owns 1,379,760 shares of the natural resource company’s stock valued at $70,078,000 after buying an additional 878,760 shares in the last quarter. 80.77% of the stock is owned by institutional investors.
Freeport-McMoRan Stock Up 2.9%
NYSE FCX opened at $68.28 on Friday. 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 firm has a 50-day simple moving average of $64.24 and a 200 day simple moving average of $59.05. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.09. The stock has a market cap of $98.15 billion, a PE ratio of 36.32, a PEG ratio of 0.80 and a beta of 1.35.
Freeport-McMoRan Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 15.96%.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on FCX shares. Sanford C. Bernstein boosted their target price on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research note on Wednesday. Bank of America boosted their target price on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. The Goldman Sachs Group boosted their target price on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Jefferies Financial Group boosted their target price on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Finally, UBS Group boosted their target price on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.86.
View Our Latest Stock Analysis on FCX
Freeport-McMoRan 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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