Geode Capital Management LLC Purchases 238,997 Shares of Freeport-McMoRan Inc. $FCX

Geode Capital Management LLC boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 0.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 31,669,550 shares of the natural resource company’s stock after purchasing an additional 238,997 shares during the quarter. Geode Capital Management LLC owned approximately 2.21% of Freeport-McMoRan worth $1,601,087,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in FCX. Brighton Jones LLC raised its holdings in Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after purchasing an additional 2,882 shares in the last quarter. Bison Wealth LLC raised its holdings in Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 507 shares in the last quarter. Sivia Capital Partners LLC bought a new position in Freeport-McMoRan in the second quarter worth $560,000. Brown Advisory Inc. raised its holdings in Freeport-McMoRan by 27.0% in the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock worth $539,000 after purchasing an additional 2,648 shares in the last quarter. Finally, Jump Financial LLC raised its holdings in Freeport-McMoRan by 42.7% in the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock worth $2,172,000 after purchasing an additional 14,992 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on FCX shares. JPMorgan Chase & Co. decreased their price objective on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a report on Monday, April 27th. Freedom Capital upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Saturday, February 21st. Wells Fargo & Company decreased their price objective on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Wall Street Zen downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. Finally, The Goldman Sachs Group reduced their price target on Freeport-McMoRan from $70.00 to $68.00 and set a “buy” rating for the company in a report on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $65.72.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $65.95 on Friday. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $70.96. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The business has a fifty day moving average price of $61.90 and a 200-day moving average price of $57.15. The company has a market capitalization of $94.80 billion, a PE ratio of 35.08, a PEG ratio of 0.77 and a beta of 1.32.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same period last year, the company earned $0.24 earnings per share. The company’s revenue was up 8.8% on a year-over-year basis. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were paid a dividend of $0.075 per share. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is currently 15.96%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.