Altshuler Shaham Ltd increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 1,090.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,566,513 shares of the natural resource company’s stock after purchasing an additional 1,434,931 shares during the period. Freeport-McMoRan makes up approximately 1.2% of Altshuler Shaham Ltd’s investment portfolio, making the stock its 29th largest holding. Altshuler Shaham Ltd’s holdings in Freeport-McMoRan were worth $79,563,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in FCX. Kemnay Advisory Services Inc. bought a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $29,000. JPL Wealth Management LLC acquired a new position in shares of Freeport-McMoRan during the third quarter worth about $33,000. Kohmann Bosshard Financial Services LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth about $38,000. Modus Advisors LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth about $40,000. Finally, Key Financial Inc boosted its position in shares of Freeport-McMoRan by 32.3% during the fourth quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock worth $42,000 after buying an additional 202 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.
Freeport-McMoRan Price Performance
NYSE:FCX opened at $68.95 on Thursday. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The stock’s 50 day moving average price is $64.74 and its two-hundred day moving average price is $59.77. The firm has a market capitalization of $99.12 billion, a price-to-earnings ratio of 36.67, a P/E/G ratio of 0.86 and a beta of 1.35. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28.
Freeport-McMoRan Dividend Announcement
The firm also recently disclosed 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 was Wednesday, April 15th. This represents a $0.30 annualized dividend and a yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is currently 15.96%.
Analyst Ratings Changes
Several research analysts have recently weighed in on FCX shares. Morgan Stanley reaffirmed an “equal weight” rating and set a $66.00 price objective (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. Sanford C. Bernstein upped their price objective on Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research report on Wednesday, June 10th. Scotiabank increased their price target on Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research report on Monday. Finally, HSBC increased their price target on Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $67.31.
Read Our Latest Report on Freeport-McMoRan
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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