Sharpepoint LLC Acquires New Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Sharpepoint LLC bought a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 11,479 shares of the natural resource company's stock, valued at approximately $437,000.

Other large investors have also recently bought and sold shares of the company. Asset Planning Inc bought a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $25,000. Mizuho Bank Ltd. acquired a new stake in Freeport-McMoRan during the 4th quarter worth $26,000. Vision Financial Markets LLC acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $27,000. Laurel Wealth Advisors LLC increased its position in shares of Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company's stock valued at $28,000 after buying an additional 600 shares in the last quarter. Finally, Roxbury Financial LLC bought a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $28,000. 80.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FCX has been the subject of several research reports. Jefferies Financial Group raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and raised their price target for the stock from $40.00 to $48.00 in a research note on Thursday, February 27th. Scotiabank reduced their target price on shares of Freeport-McMoRan from $45.00 to $40.00 and set a "sector perform" rating for the company in a report on Monday, April 7th. StockNews.com cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Tuesday, April 8th. UBS Group reduced their price target on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Finally, BMO Capital Markets cut their target price on Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating for the company in a research report on Friday, January 24th. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $48.39.

Freeport-McMoRan Trading Up 3.2 %

NYSE:FCX traded up $1.10 during trading hours on Wednesday, hitting $35.16. 21,635,900 shares of the company were exchanged, compared to its average volume of 13,882,649. The company has a fifty day simple moving average of $36.35 and a 200 day simple moving average of $40.18. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $55.24. The stock has a market capitalization of $50.53 billion, a price-to-earnings ratio of 27.26, a price-to-earnings-growth ratio of 0.87 and a beta of 1.71. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.71%. Freeport-McMoRan's payout ratio is 23.26%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.