Brandywine Global Investment Management LLC Has $61.69 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Brandywine Global Investment Management LLC boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 202.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 1,620,072 shares of the natural resource company's stock after acquiring an additional 1,084,316 shares during the quarter. Brandywine Global Investment Management LLC owned 0.11% of Freeport-McMoRan worth $61,692,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the stock. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Freeport-McMoRan by 240.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 80,000 shares of the natural resource company's stock worth $3,994,000 after acquiring an additional 56,475 shares during the last quarter. Freedom Investment Management Inc. lifted its stake in shares of Freeport-McMoRan by 22.7% in the 3rd quarter. Freedom Investment Management Inc. now owns 11,893 shares of the natural resource company's stock valued at $594,000 after purchasing an additional 2,200 shares in the last quarter. Glenmede Trust Co. NA raised its stake in shares of Freeport-McMoRan by 13.5% in the 3rd quarter. Glenmede Trust Co. NA now owns 85,373 shares of the natural resource company's stock valued at $4,262,000 after acquiring an additional 10,156 shares during the period. CreativeOne Wealth LLC raised its position in Freeport-McMoRan by 19.5% in the third quarter. CreativeOne Wealth LLC now owns 25,239 shares of the natural resource company's stock valued at $1,260,000 after purchasing an additional 4,111 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Freeport-McMoRan by 1.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 339,089 shares of the natural resource company's stock valued at $16,927,000 after buying an additional 3,853 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Freeport-McMoRan Stock Up 0.6 %

Shares of NYSE:FCX traded up $0.23 during mid-day trading on Tuesday, reaching $38.09. 13,112,928 shares of the stock were exchanged, compared to its average volume of 13,440,126. Freeport-McMoRan Inc. has a one year low of $33.98 and a one year high of $55.24. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The stock's 50 day simple moving average is $38.05 and its 200-day simple moving average is $41.92. The company has a market cap of $54.74 billion, a P/E ratio of 29.53, a P/E/G ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. As a group, equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors 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 1.58%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 23.26%.

Wall Street Analysts Forecast Growth

FCX has been the subject of several recent analyst reports. Scotiabank lowered their target price on Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating for the company in a research note on Friday, January 24th. StockNews.com raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Monday. Sanford C. Bernstein lowered Freeport-McMoRan from an "outperform" rating to a "market perform" rating and reduced their price target for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. JPMorgan Chase & Co. raised Freeport-McMoRan from a "neutral" rating to an "overweight" rating and increased their price target for the company from $48.00 to $52.00 in a research note on Thursday, March 20th. Finally, Argus lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Friday, January 31st. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target 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.