NewEdge Advisors LLC Raises Position in Freeport-McMoRan Inc. (NYSE:FCX)

NewEdge Advisors LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 4.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 213,219 shares of the natural resource company's stock after acquiring an additional 8,253 shares during the quarter. NewEdge Advisors LLC's holdings in Freeport-McMoRan were worth $8,119,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of FCX. Asset Planning Inc acquired a new stake in Freeport-McMoRan in the 4th quarter valued at about $25,000. Mizuho Bank Ltd. acquired a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $26,000. Vision Financial Markets LLC purchased a new position in Freeport-McMoRan in the fourth quarter worth approximately $27,000. Laurel Wealth Advisors LLC increased its position in shares of Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company's stock valued at $28,000 after purchasing an additional 600 shares during the last quarter. Finally, Roxbury Financial LLC acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at $28,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $32.90 on Friday. The stock has a market capitalization of $47.28 billion, a P/E ratio of 25.51, a P/E/G ratio of 0.87 and a beta of 1.71. The company's fifty day moving average is $36.66 and its two-hundred day moving average is $40.52. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year 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 EPS 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, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date of this dividend is Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio (DPR) is currently 23.26%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FCX. Wolfe Research raised Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price target for the company in a report on Wednesday. StockNews.com downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Tuesday, April 8th. Argus downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Friday, January 31st. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an "outperform" rating to a "market perform" rating and dropped their target price for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Finally, Hsbc Global Res raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $48.39.

Freeport-McMoRan Company Profile

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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