Freeport-McMoRan Inc. $FCX Shares Purchased by Cibc World Market Inc.

Cibc World Market Inc. lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 44.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 412,827 shares of the natural resource company’s stock after acquiring an additional 126,229 shares during the period. Cibc World Market Inc.’s holdings in Freeport-McMoRan were worth $20,967,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Freeport-McMoRan by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock valued at $6,619,611,000 after buying an additional 1,572,769 shares during the last quarter. Fisher Asset Management LLC lifted its stake in shares of Freeport-McMoRan by 1.0% in the 4th quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock valued at $3,244,504,000 after purchasing an additional 622,343 shares during the period. State Street Corp raised its stake in Freeport-McMoRan by 1.1% during the 3rd quarter. State Street Corp now owns 62,477,910 shares of the natural resource company’s stock worth $2,450,384,000 after buying an additional 690,736 shares during the period. Wellington Management Group LLP raised its stake in shares of Freeport-McMoRan by 190.9% in the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after purchasing an additional 23,950,557 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Freeport-McMoRan by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 31,669,550 shares of the natural resource company’s stock valued at $1,601,087,000 after acquiring an additional 238,997 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

FCX has been the topic of a number of research reports. Sanford C. Bernstein lowered their price target on Freeport-McMoRan from $54.00 to $53.50 and set a “market perform” rating on the stock in a research report on Friday, April 24th. Barclays began coverage on shares of Freeport-McMoRan in a research note on Thursday, May 21st. They issued an “overweight” rating and a $77.00 price target on the stock. Morgan Stanley reissued an “equal weight” rating and issued a $66.00 price objective (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. Citigroup decreased their target price on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Finally, Jefferies Financial Group set a $75.00 price target on shares of Freeport-McMoRan in a research report on Thursday, April 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $66.04.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $63.37 on Friday. The stock has a fifty day moving average of $63.48 and a two-hundred day moving average of $58.17. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.09. The company has a market capitalization of $91.10 billion, a price-to-earnings ratio of 33.71, a PEG ratio of 0.84 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. The business had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.24 earnings per share. On average, analysts anticipate 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 given a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is presently 15.96%.

About Freeport-McMoRan

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.