147,002 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Acquired by Allianz SE

Allianz SE acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 147,002 shares of the natural resource company's stock, valued at approximately $5,610,000.

Other institutional investors have also bought and sold shares of the company. Palogic Value Management L.P. raised its position in shares of Freeport-McMoRan by 1.5% during the 4th quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company's stock worth $772,000 after buying an additional 292 shares in the last quarter. Allstate Corp bought a new stake in Freeport-McMoRan during the fourth quarter worth approximately $1,571,000. RiverFront Investment Group LLC lifted its position in Freeport-McMoRan by 7.6% in the fourth quarter. RiverFront Investment Group LLC now owns 12,907 shares of the natural resource company's stock worth $491,000 after purchasing an additional 907 shares during the period. denkapparat Operations GmbH bought a new position in Freeport-McMoRan during the 4th quarter valued at $360,000. Finally, Orion Portfolio Solutions LLC increased its position in shares of Freeport-McMoRan by 13.7% during the 4th quarter. Orion Portfolio Solutions LLC now owns 47,078 shares of the natural resource company's stock valued at $1,793,000 after purchasing an additional 5,674 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.

Wall Street Analysts Forecast Growth

FCX has been the subject of several research analyst reports. Jefferies Financial Group upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and upped their price objective for the company from $40.00 to $48.00 in a report on Thursday, February 27th. JPMorgan Chase & Co. upgraded shares of Freeport-McMoRan from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $48.00 to $52.00 in a research report on Thursday, March 20th. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective on the stock in a research note on Thursday, March 6th. Dbs Bank raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Finally, Scotiabank decreased their price target on shares of Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating on the stock in a research report on Friday, January 24th. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Freeport-McMoRan presently has an average rating of "Moderate Buy" and a consensus target price of $52.04.

Remove Ads

Freeport-McMoRan Stock Down 7.0 %

NYSE:FCX traded down $2.67 on Thursday, hitting $35.53. 10,052,773 shares of the company's stock traded hands, compared to its average volume of 13,394,354. The company has a market cap of $51.06 billion, a PE ratio of 27.54, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a 1 year low of $33.98 and a 1 year high of $55.24. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average price of $38.03 and a 200-day moving average price of $41.89.

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

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be issued a dividend of $0.15 per share. The ex-dividend date is Tuesday, April 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.69%. Freeport-McMoRan's dividend payout ratio is 23.26%.

Freeport-McMoRan 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.