Alps Advisors Inc. Increases Stock Position in Freeport-McMoRan Inc. $FCX

Alps Advisors Inc. raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 146.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 766,713 shares of the natural resource company’s stock after purchasing an additional 455,591 shares during the quarter. Alps Advisors Inc.’s holdings in Freeport-McMoRan were worth $38,941,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. JPL Wealth Management LLC purchased a new stake in Freeport-McMoRan in the 3rd quarter valued at approximately $33,000. Kohmann Bosshard Financial Services LLC purchased a new stake in Freeport-McMoRan in the 4th quarter valued at approximately $38,000. Modus Advisors LLC purchased a new stake in Freeport-McMoRan in the 4th quarter valued at approximately $40,000. Key Financial Inc boosted its holdings in Freeport-McMoRan by 32.3% in the 4th quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock valued at $42,000 after purchasing an additional 202 shares in the last quarter. Finally, Laurel Wealth Advisors LLC purchased a new stake in Freeport-McMoRan in the 4th quarter valued at approximately $43,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

FCX stock opened at $66.32 on Friday. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.09. 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 stock’s 50 day moving average price is $64.10 and its 200 day moving average price is $58.98. The firm has a market cap of $95.34 billion, a P/E ratio of 35.28, a PEG ratio of 0.75 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 earnings per share (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 analyst estimates of $5.73 billion. During the same quarter in the prior year, the company earned $0.24 EPS. Freeport-McMoRan’s revenue was up 8.8% on a year-over-year basis. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Barclays began coverage on Freeport-McMoRan in a research note on Thursday, May 21st. They set an “overweight” rating and a $77.00 price target on the stock. UBS Group boosted their price target on Freeport-McMoRan from $74.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. Wells Fargo & Company decreased their price target 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. Finally, Jefferies Financial Group boosted their price target on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $66.72.

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.