New Age Alpha Advisors LLC bought a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 58,987 shares of the natural resource company's stock, valued at approximately $2,246,000.
Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Freeport-McMoRan by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company's stock worth $4,692,191,000 after purchasing an additional 642,776 shares in the last quarter. Geode Capital Management LLC lifted its stake in Freeport-McMoRan by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company's stock worth $1,436,455,000 after purchasing an additional 529,099 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Freeport-McMoRan by 9.5% during the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company's stock valued at $1,348,522,000 after purchasing an additional 2,366,187 shares during the last quarter. Amundi grew its holdings in Freeport-McMoRan by 30.2% during the 4th quarter. Amundi now owns 21,580,960 shares of the natural resource company's stock valued at $857,305,000 after buying an additional 5,001,531 shares in the last quarter. Finally, Mountaineer Partners Management LLC increased its stake in Freeport-McMoRan by 4,767.8% in the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company's stock worth $595,702,000 after acquiring an additional 11,687,982 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.
Wall Street Analyst Weigh In
FCX has been the subject of a number of research reports. Argus downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Friday, January 31st. Dbs Bank raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. JPMorgan Chase & Co. upgraded shares of Freeport-McMoRan from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $48.00 to $52.00 in a report on Thursday, March 20th. Scotiabank lowered their price target on shares of Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating for the company in a report on Friday, January 24th. Finally, BMO Capital Markets reduced their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a research note on Friday, January 24th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $52.04.
Read Our Latest Report on FCX
Freeport-McMoRan Trading Up 0.6 %
Shares of NYSE:FCX traded up $0.23 on Tuesday, hitting $38.09. 13,112,928 shares of the company's stock were exchanged, compared to its average volume of 13,427,942. The business's 50 day simple moving average is $38.09 and its two-hundred day simple moving average is $41.95. 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 stock has a market capitalization of $54.74 billion, a price-to-earnings ratio of 29.53, a price-to-earnings-growth 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.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data 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%. Analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.
Freeport-McMoRan Announces Dividend
The firm also recently disclosed 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. This represents a $0.60 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date of this dividend is Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio (DPR) is 23.26%.
About Freeport-McMoRan
(
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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