Wellington Management Group LLP Purchases 6,486,011 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Wellington Management Group LLP lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 237.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,218,518 shares of the natural resource company's stock after buying an additional 6,486,011 shares during the period. Wellington Management Group LLP owned approximately 0.64% of Freeport-McMoRan worth $351,041,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of FCX. Sanctuary Advisors LLC boosted its holdings in shares of Freeport-McMoRan by 9.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company's stock valued at $8,219,000 after acquiring an additional 14,501 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Freeport-McMoRan in the third quarter worth approximately $754,000. Madison Investment Advisors LLC bought a new stake in Freeport-McMoRan in the 4th quarter worth approximately $3,388,000. Principal Financial Group Inc. grew its position in Freeport-McMoRan by 4.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,684,393 shares of the natural resource company's stock worth $84,085,000 after purchasing an additional 66,699 shares during the period. Finally, Czech National Bank raised its stake in Freeport-McMoRan by 6.4% during the 4th quarter. Czech National Bank now owns 311,555 shares of the natural resource company's stock valued at $11,864,000 after buying an additional 18,852 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

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Analyst Upgrades and Downgrades

Several brokerages recently commented on FCX. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective for the company in a report on Thursday, March 6th. StockNews.com raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Monday, March 31st. Jefferies Financial Group upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and increased their price objective for the stock from $40.00 to $48.00 in a research note on Thursday, February 27th. BMO Capital Markets reduced their target price 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. Finally, Raymond James increased their price target on shares of Freeport-McMoRan from $49.00 to $51.00 and gave the stock an "outperform" rating in a research report on Friday. Five analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of "Moderate Buy" and an average target price of $51.61.

Freeport-McMoRan Price Performance

Shares of NYSE FCX traded down $4.37 during mid-day trading on Friday, reaching $29.14. The company's stock had a trading volume of 44,396,895 shares, compared to its average volume of 13,532,179. 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 Inc. has a 52 week low of $28.49 and a 52 week high of $55.24. The stock has a fifty day moving average of $37.75 and a two-hundred day moving average of $41.74. The firm has a market capitalization of $41.88 billion, a PE ratio of 22.59, a P/E/G ratio of 0.87 and a beta of 1.71.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results 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 return on equity of 7.50% and a net margin of 7.42%. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared 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. The ex-dividend date is Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a yield of 2.06%. Freeport-McMoRan's dividend payout ratio is currently 23.26%.

Freeport-McMoRan 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.