Guardian Partners Inc. bought a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 62,165 shares of the natural resource company's stock, valued at approximately $2,470,000.
Several other hedge funds also recently modified their holdings of the business. Continuum Advisory LLC boosted its holdings in Freeport-McMoRan by 46.8% in the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company's stock worth $37,000 after purchasing an additional 236 shares in the last quarter. 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. Larson Financial Group LLC increased its holdings in shares of Freeport-McMoRan by 14.6% during the 3rd quarter. Larson Financial Group LLC now owns 2,252 shares of the natural resource company's stock valued at $112,000 after acquiring an additional 287 shares during the last quarter. Palogic Value Management L.P. increased its holdings 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 valued at $772,000 after acquiring an additional 292 shares during the last quarter. Finally, SeaCrest Wealth Management LLC raised its stake in shares of Freeport-McMoRan by 1.6% in the 4th quarter. SeaCrest Wealth Management LLC now owns 19,104 shares of the natural resource company's stock valued at $727,000 after acquiring an additional 307 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.
Freeport-McMoRan Price Performance
Shares of Freeport-McMoRan stock traded down $1.50 during midday trading on Thursday, hitting $39.99. 17,997,694 shares of the company were exchanged, compared to its average volume of 12,999,118. The firm has a 50 day simple moving average of $38.18 and a 200-day simple moving average of $41.98. Freeport-McMoRan Inc. has a 52 week low of $33.98 and a 52 week high of $55.24. The firm has a market cap of $57.47 billion, a P/E ratio of 31.00, a PEG ratio of 0.87 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. Research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current 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 given 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 1.50%. Freeport-McMoRan's payout ratio is 23.26%.
Wall Street Analysts Forecast Growth
Several brokerages have commented on FCX. Sanford C. Bernstein downgraded Freeport-McMoRan from an "outperform" rating to a "market perform" rating and lowered their price target for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. BMO Capital Markets decreased their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating for the company in a report on Friday, January 24th. Scotiabank dropped their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating on the stock in a report on Friday, January 24th. Jefferies Financial Group raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and boosted their target price for the stock from $40.00 to $48.00 in a research report on Thursday, February 27th. Finally, Dbs Bank raised Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. 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. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $52.04.
Check Out Our Latest Research Report on FCX
About Freeport-McMoRan
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Free Report)
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.
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