CIBC Asset Management Inc Purchases 138,409 Shares of Freeport-McMoRan Inc. $FCX

CIBC Asset Management Inc grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 67.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 344,047 shares of the natural resource company’s stock after purchasing an additional 138,409 shares during the quarter. CIBC Asset Management Inc’s holdings in Freeport-McMoRan were worth $17,474,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Leo Wealth LLC boosted its holdings in Freeport-McMoRan by 2.5% in the 4th quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock worth $347,000 after buying an additional 170 shares during the period. Physician Wealth Advisors Inc. raised its holdings in Freeport-McMoRan by 23.5% during the 4th quarter. Physician Wealth Advisors Inc. now owns 924 shares of the natural resource company’s stock valued at $47,000 after acquiring an additional 176 shares during the period. Castle Rock Wealth Management LLC lifted its position in shares of Freeport-McMoRan by 3.3% during the fourth quarter. Castle Rock Wealth Management LLC now owns 5,687 shares of the natural resource company’s stock worth $289,000 after acquiring an additional 180 shares in the last quarter. Private Trust Co. NA lifted its position in shares of Freeport-McMoRan by 6.7% during the fourth quarter. Private Trust Co. NA now owns 3,119 shares of the natural resource company’s stock worth $158,000 after acquiring an additional 195 shares in the last quarter. Finally, Key Financial Inc boosted its holdings in shares of Freeport-McMoRan by 32.3% in the fourth quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock worth $42,000 after acquiring an additional 202 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $69.81 on Friday. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.09. The stock has a fifty day moving average of $63.35 and a 200 day moving average of $58.14. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The firm has a market capitalization of $100.35 billion, a price-to-earnings ratio of 37.13, a P/E/G ratio of 0.85 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping 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 business had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same period in the prior year, the company earned $0.24 EPS. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. On average, research analysts expect that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were given a $0.075 dividend. 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 dividend payout ratio is 15.96%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FCX. Barclays began coverage on Freeport-McMoRan in a research report on Thursday, May 21st. They issued an “overweight” rating and a $77.00 price target for the company. Scotiabank cut their target price on Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating for the company in a research note on Friday, April 24th. HSBC lifted their target price on Freeport-McMoRan from $69.00 to $72.00 and gave the company a “buy” rating in a report on Tuesday, April 14th. Bank of America increased their price target on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Finally, Wells Fargo & Company cut their price objective on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, April 24th. Two investment 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’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $66.04.

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.