53,362 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Acquired by Sagespring Wealth Partners LLC

Sagespring Wealth Partners LLC bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 53,362 shares of the natural resource company's stock, valued at approximately $2,032,000.

Several other hedge funds have also made changes to their positions in the business. Asset Planning Inc acquired a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $25,000. Mizuho Bank Ltd. acquired a new position in Freeport-McMoRan during the fourth quarter worth approximately $26,000. Vision Financial Markets LLC acquired a new position in shares of Freeport-McMoRan in the 4th quarter valued at $27,000. Laurel Wealth Advisors LLC grew its stake in shares of Freeport-McMoRan by 487.8% during the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company's stock valued at $28,000 after buying an additional 600 shares during the period. Finally, Roxbury Financial LLC acquired a new stake in shares of Freeport-McMoRan during the 4th quarter worth $28,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Stock Down 1.3 %

FCX stock traded down $0.42 during mid-day trading on Friday, hitting $32.90. 16,986,273 shares of the company were exchanged, compared to its average volume of 13,907,219. The company has a market capitalization of $47.28 billion, a PE ratio of 25.51, a price-to-earnings-growth ratio of 0.87 and a beta of 1.71. The firm has a fifty day simple moving average of $36.75 and a 200 day simple moving average of $40.64. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve 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 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%. On average, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal 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 paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.82%. Freeport-McMoRan's payout ratio is 23.26%.

Analysts Set New Price Targets

FCX has been the topic of a number of research analyst reports. Sanford C. Bernstein cut 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. Hsbc Global Res upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday. Raymond James raised their price target on shares of Freeport-McMoRan from $49.00 to $51.00 and gave the company an "outperform" rating in a report on Friday, April 4th. Scotiabank dropped their price objective on shares of Freeport-McMoRan from $45.00 to $40.00 and set a "sector perform" rating for the company in a research report on Monday, April 7th. Finally, JPMorgan Chase & Co. cut their target price on shares of Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company presently 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.