Arrowstreet Capital Limited Partnership Increases Position in Freeport-McMoRan Inc. (NYSE:FCX)

Arrowstreet Capital Limited Partnership raised its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 38.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,273,162 shares of the natural resource company's stock after acquiring an additional 4,488,210 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 1.13% of Freeport-McMoRan worth $619,682,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Asset Planning Inc purchased a new position in shares of Freeport-McMoRan during the fourth quarter valued at about $25,000. Vision Financial Markets LLC purchased a new position in Freeport-McMoRan during the 4th quarter valued at approximately $27,000. Laurel Wealth Advisors LLC grew its holdings in Freeport-McMoRan by 487.8% during 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. Roxbury Financial LLC bought a new stake in Freeport-McMoRan in the 4th quarter worth approximately $28,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Freeport-McMoRan during the 4th quarter worth approximately $29,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Trading Up 0.6 %

Shares of NYSE:FCX traded up $0.23 during trading on Tuesday, reaching $38.09. 13,112,928 shares of the company were exchanged, compared to its average volume of 13,427,943. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The firm has a market capitalization of $54.74 billion, a PE ratio of 29.53, a P/E/G ratio of 0.87 and a beta of 1.87. The business's fifty day simple moving average is $38.09 and its 200-day simple moving average is $41.95. Freeport-McMoRan Inc. has a 12-month low of $33.98 and a 12-month high of $55.24.

Remove Ads

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 net margin of 7.42% and a return on equity of 7.50%. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date is Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio (DPR) is 23.26%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on FCX shares. Dbs Bank upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. BMO Capital Markets reduced their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a report on Friday, January 24th. Argus cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Friday, January 31st. Jefferies Financial Group upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and lifted their price target for the stock from $40.00 to $48.00 in a research report on Thursday, February 27th. Finally, Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective on the stock in a research report on Thursday, March 6th. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and an average target price of $52.04.

About Freeport-McMoRan

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.