Adams Natural Resources Fund Inc. Has $11.84 Million Stock Holdings in Freeport-McMoRan Inc. $FCX

Adams Natural Resources Fund Inc. increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.0% in the 4th quarter, Holdings Channel.com reports. The fund owned 233,200 shares of the natural resource company’s stock after buying an additional 11,000 shares during the quarter. Freeport-McMoRan comprises about 1.8% of Adams Natural Resources Fund Inc.’s holdings, making the stock its 18th biggest position. Adams Natural Resources Fund Inc.’s holdings in Freeport-McMoRan were worth $11,844,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in shares of Freeport-McMoRan by 190.9% during the 3rd 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 in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Freeport-McMoRan by 98.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock worth $1,014,434,000 after purchasing an additional 9,924,573 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Freeport-McMoRan by 31.2% during the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after purchasing an additional 8,891,743 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Freeport-McMoRan by 28.9% during the 4th quarter. Victory Capital Management Inc. now owns 17,366,596 shares of the natural resource company’s stock valued at $882,050,000 after purchasing an additional 3,894,872 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter worth about $185,379,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $68.28 on Friday. The firm has a market capitalization of $98.15 billion, a PE ratio of 36.32, a PEG ratio of 0.82 and a beta of 1.35. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.09. The business’s 50 day moving average is $64.24 and its 200-day moving average is $59.05.

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. The business had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.Freeport-McMoRan’s revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.24 earnings per share. Sell-side analysts predict that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Wednesday, April 15th. Freeport-McMoRan’s payout ratio is 15.96%.

Analyst Ratings Changes

A number of research analysts recently weighed in on FCX shares. CICC Research cut their price objective on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. HSBC upped their target price on Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday. Citigroup dropped their target price on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Sanford C. Bernstein boosted their target price on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research report on Wednesday. Finally, Wells Fargo & Company dropped their price objective on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $66.86.

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.