Cambridge Investment Research Advisors Inc. lifted its position in shares of Freeport-McMoRan Inc (NYSE:FCX) by 56.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 171,675 shares of the natural resource company’s stock after buying an additional 62,084 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Freeport-McMoRan were worth $3,016,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in FCX. Schwab Charles Investment Management Inc. increased its holdings in shares of Freeport-McMoRan by 1.6% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 6,061,699 shares of the natural resource company’s stock worth $114,930,000 after buying an additional 97,798 shares during the last quarter. James Investment Research Inc. acquired a new stake in shares of Freeport-McMoRan during the 4th quarter worth approximately $2,386,000. APG Asset Management N.V. acquired a new stake in shares of Freeport-McMoRan during the 4th quarter worth approximately $2,594,000. Jennison Associates LLC increased its holdings in shares of Freeport-McMoRan by 27.7% during the 4th quarter. Jennison Associates LLC now owns 1,115,692 shares of the natural resource company’s stock worth $21,154,000 after buying an additional 242,134 shares during the last quarter. Finally, Lourd Capital LLC acquired a new stake in shares of Freeport-McMoRan during the 4th quarter worth approximately $305,000. Institutional investors and hedge funds own 71.99% of the company’s stock.
Shares of Freeport-McMoRan opened at $17.08 on Friday, MarketBeat reports. The company has a debt-to-equity ratio of 0.93, a current ratio of 2.33 and a quick ratio of 1.43. Freeport-McMoRan Inc has a 52 week low of $11.05 and a 52 week high of $20.25. The company has a market capitalization of $25.14 billion, a price-to-earnings ratio of 14.60 and a beta of 2.45.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, April 24th. The natural resource company reported $0.46 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.10). Freeport-McMoRan had a net margin of 12.72% and a return on equity of 19.92%. The business had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $4.92 billion. During the same period in the prior year, the business earned $0.15 EPS. The business’s quarterly revenue was up 45.7% on a year-over-year basis. equities analysts forecast that Freeport-McMoRan Inc will post 2.04 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 1st. Shareholders of record on Friday, April 13th were given a $0.05 dividend. The ex-dividend date of this dividend was Thursday, April 12th. This represents a $0.20 annualized dividend and a yield of 1.17%. Freeport-McMoRan’s dividend payout ratio is presently 17.09%.
A number of analysts have recently issued reports on FCX shares. Goldman Sachs Group started coverage on shares of Freeport-McMoRan in a report on Tuesday, March 20th. They set a “buy” rating and a $23.00 price target for the company. BMO Capital Markets set a $17.00 price target on shares of Freeport-McMoRan and gave the stock a “hold” rating in a report on Tuesday, April 24th. UBS lifted their target price on shares of Freeport-McMoRan from $14.00 to $18.50 and gave the company a “neutral” rating in a report on Tuesday, March 6th. CIBC upgraded shares of Freeport-McMoRan from a “neutral” rating to a “sector outperform” rating and set a $20.00 target price for the company in a report on Tuesday, May 1st. Finally, Scotiabank reiterated a “sector perform” rating and issued a $19.00 target price on shares of Freeport-McMoRan in a report on Wednesday, April 25th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $17.92.
Freeport-McMoRan Company Profile
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. 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 and El Abra mines in South America.
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