Envestnet Asset Management Inc. Increases Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Envestnet Asset Management Inc. raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 9.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,427,097 shares of the natural resource company's stock after purchasing an additional 126,129 shares during the quarter. Envestnet Asset Management Inc. owned 0.10% of Freeport-McMoRan worth $54,344,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Continuum Advisory LLC grew its holdings in Freeport-McMoRan by 46.8% during the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company's stock worth $37,000 after acquiring an additional 236 shares during the period. PFG Investments LLC boosted its stake in shares of Freeport-McMoRan by 1.3% during the 4th quarter. PFG Investments LLC now owns 22,910 shares of the natural resource company's stock worth $872,000 after acquiring an additional 283 shares in the last quarter. Palogic Value Management L.P. increased its position in shares of Freeport-McMoRan by 1.5% in the fourth quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company's stock valued at $772,000 after buying an additional 292 shares in the last quarter. SeaCrest Wealth Management LLC raised its position in Freeport-McMoRan by 1.6% during the fourth quarter. SeaCrest Wealth Management LLC now owns 19,104 shares of the natural resource company's stock worth $727,000 after acquiring an additional 307 shares during the period. Finally, CIBC Private Wealth Group LLC lifted its position in shares of Freeport-McMoRan by 0.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 36,514 shares of the natural resource company's stock valued at $1,451,000 after acquiring an additional 309 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

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Freeport-McMoRan Price Performance

Shares of NYSE FCX traded up $0.06 during midday trading on Tuesday, hitting $33.66. The company had a trading volume of 6,416,672 shares, compared to its average volume of 13,870,865. 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 business has a 50-day simple moving average of $37.04 and a two-hundred day simple moving average of $40.86. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $55.24. The firm has a market capitalization of $48.37 billion, a price-to-earnings ratio of 26.04, a price-to-earnings-growth ratio of 0.87 and a beta of 1.71.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released 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%. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.78%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 23.26%.

Wall Street Analysts Forecast Growth

FCX has been the topic of a number of recent research reports. BMO Capital Markets lowered their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a research report on Friday, January 24th. Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective on the stock in a report on Thursday, March 6th. Argus lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Friday, January 31st. Jefferies Financial Group upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and lifted their price objective for the company from $40.00 to $48.00 in a report on Thursday, February 27th. Finally, UBS Group reduced their target price on shares of Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and an average target price of $49.12.

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.