Freeport-McMoRan Inc. $FCX Stock Position Increased by Great Lakes Advisors LLC

Great Lakes Advisors LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,559,067 shares of the natural resource company’s stock after purchasing an additional 7,809 shares during the period. Great Lakes Advisors LLC owned approximately 0.11% of Freeport-McMoRan worth $79,185,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Aviva PLC raised its position in shares of Freeport-McMoRan by 5.6% during the fourth quarter. Aviva PLC now owns 1,183,563 shares of the natural resource company’s stock worth $60,113,000 after purchasing an additional 62,698 shares during the period. Investment Research Partners LLC acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth $202,000. Caerus Investment Advisors LLC acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth $965,000. Great Valley Advisor Group Inc. raised its position in shares of Freeport-McMoRan by 48.3% during the fourth quarter. Great Valley Advisor Group Inc. now owns 10,136 shares of the natural resource company’s stock worth $515,000 after purchasing an additional 3,299 shares during the period. Finally, Kovack Advisors Inc. raised its position in shares of Freeport-McMoRan by 51.4% during the fourth quarter. Kovack Advisors Inc. now owns 8,971 shares of the natural resource company’s stock worth $456,000 after purchasing an additional 3,045 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $66.32 on Friday. The business’s 50-day moving average price is $64.10 and its two-hundred day moving average price is $58.98. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.09. The company has a market capitalization of $95.34 billion, a P/E ratio of 35.28, a price-to-earnings-growth ratio of 0.75 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter in the previous year, the company posted $0.24 earnings per share. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. Analysts anticipate that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on FCX shares. The Goldman Sachs Group boosted their target price on Freeport-McMoRan from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. HSBC boosted their target price on Freeport-McMoRan from $69.00 to $72.00 and gave the stock a “buy” rating in a research report on Tuesday, April 14th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Morgan Stanley reiterated an “equal weight” rating and set a $66.00 price target (down from $70.00) on shares of Freeport-McMoRan in a report on Friday, April 24th. Finally, Raymond James Financial lowered their price target on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $66.72.

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.