Harbor Investment Advisory LLC boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) by 374.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,644 shares of the natural resource company’s stock after purchasing an additional 10,770 shares during the period. Harbor Investment Advisory LLC’s holdings in Freeport-McMoRan were worth $679,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Capital Research Global Investors increased its holdings in Freeport-McMoRan by 19.5% in the fourth quarter. Capital Research Global Investors now owns 73,817,050 shares of the natural resource company’s stock valued at $3,080,385,000 after purchasing an additional 12,060,475 shares during the period. State Street Corp boosted its position in Freeport-McMoRan by 0.9% during the fourth quarter. State Street Corp now owns 66,639,592 shares of the natural resource company’s stock valued at $2,780,870,000 after acquiring an additional 611,927 shares during the last quarter. Fisher Asset Management LLC boosted its position in Freeport-McMoRan by 4.0% during the fourth quarter. Fisher Asset Management LLC now owns 48,853,445 shares of the natural resource company’s stock valued at $2,038,654,000 after acquiring an additional 1,864,521 shares during the last quarter. Geode Capital Management LLC boosted its position in Freeport-McMoRan by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 24,550,497 shares of the natural resource company’s stock valued at $1,021,538,000 after acquiring an additional 219,573 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Freeport-McMoRan by 2.2% during the fourth quarter. Northern Trust Corp now owns 18,541,750 shares of the natural resource company’s stock valued at $773,747,000 after acquiring an additional 397,852 shares during the last quarter. Institutional investors and hedge funds own 77.37% of the company’s stock.
NYSE FCX opened at $29.26 on Friday. The business has a 50-day moving average price of $37.36 and a 200-day moving average price of $41.98. Freeport-McMoRan Inc. has a 52 week low of $28.87 and a 52 week high of $51.99. The company has a market cap of $42.41 billion, a price-to-earnings ratio of 8.48, a P/E/G ratio of 0.27 and a beta of 2.02. The company has a quick ratio of 1.68, a current ratio of 2.37 and a debt-to-equity ratio of 0.34.
Freeport-McMoRan (NYSE:FCX – Get Rating) last announced its quarterly earnings results on Thursday, April 21st. The natural resource company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.19. Freeport-McMoRan had a return on equity of 24.06% and a net margin of 20.79%. The business had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.29 billion. During the same quarter in the previous year, the company posted $0.51 earnings per share. Freeport-McMoRan’s revenue was up 36.1% compared to the same quarter last year. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post 3.92 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 1st. Investors of record on Friday, July 15th will be issued a dividend of $0.15 per share. The ex-dividend date is Thursday, July 14th. This represents a $0.60 annualized dividend and a yield of 2.05%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 8.70%.
In other Freeport-McMoRan news, Director Hugh Grant acquired 12,300 shares of the business’s stock in a transaction on Monday, April 25th. The shares were acquired at an average price of $40.75 per share, with a total value of $501,225.00. Following the completion of the transaction, the director now owns 15,776 shares in the company, valued at $642,872. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Dustan E. McCoy sold 8,200 shares of the business’s stock in a transaction on Tuesday, May 31st. The stock was sold at an average price of $39.24, for a total value of $321,768.00. Following the completion of the transaction, the director now directly owns 134,400 shares in the company, valued at approximately $5,273,856. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.
A number of analysts have commented on FCX shares. Jefferies Financial Group raised their price target on shares of Freeport-McMoRan from $58.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, March 24th. Raymond James set a $59.00 price target on shares of Freeport-McMoRan and gave the company an “outperform” rating in a research report on Friday, April 22nd. Stifel Nicolaus raised their price target on shares of Freeport-McMoRan from $49.00 to $54.00 in a research report on Thursday, March 17th. Barclays increased their price objective on shares of Freeport-McMoRan from $28.00 to $29.00 in a research report on Thursday, April 21st. Finally, Morgan Stanley reaffirmed an “equal weight” rating on shares of Freeport-McMoRan in a research report on Thursday, June 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $46.62.
Freeport-McMoRan Company Profile (Get Rating)
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
Featured Articles:
Receive News & Ratings for Freeport-McMoRan Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Freeport-McMoRan and related companies with MarketBeat.com’s FREE daily email newsletter.
.