Fox Run Management L.L.C. Takes $2.84 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Fox Run Management L.L.C. acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 74,438 shares of the natural resource company's stock, valued at approximately $2,835,000. Freeport-McMoRan comprises about 0.5% of Fox Run Management L.L.C.'s portfolio, making the stock its 3rd largest holding.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FCX. Asset Planning Inc purchased a new position in shares of Freeport-McMoRan in the 4th quarter worth about $25,000. Vision Financial Markets LLC purchased a new stake in Freeport-McMoRan in the fourth quarter worth approximately $27,000. Laurel Wealth Advisors LLC grew its position in Freeport-McMoRan by 487.8% during the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company's stock valued at $28,000 after acquiring an additional 600 shares during the last quarter. Roxbury Financial LLC purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth approximately $28,000. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $29,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Down 3.6 %

Shares of FCX stock traded down $1.53 during mid-day trading on Wednesday, reaching $41.48. 19,397,198 shares of the company's stock traded hands, compared to its average volume of 12,957,152. 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 company's 50-day moving average price is $38.18 and its 200-day moving average price is $41.99. The company has a market cap of $59.61 billion, a P/E ratio of 32.15, a P/E/G ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a 12 month low of $33.98 and a 12 month high of $55.24.

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Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced 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, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business 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. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.45%. Freeport-McMoRan's dividend payout ratio is currently 23.26%.

Analysts Set New Price Targets

Several research firms recently commented on FCX. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an "outperform" rating to a "market perform" rating and reduced their target price for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. BMO Capital Markets decreased their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a report on Friday, January 24th. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 target price for the company in a report on Thursday, March 6th. JPMorgan Chase & Co. raised Freeport-McMoRan from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $48.00 to $52.00 in a research note on Thursday, March 20th. Finally, StockNews.com lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Thursday, March 20th. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.