Freeport-McMoRan Inc. $FCX Shares Acquired by GM Advisory Group LLC

GM Advisory Group LLC boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 285.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 27,290 shares of the natural resource company’s stock after purchasing an additional 20,210 shares during the quarter. GM Advisory Group LLC’s holdings in Freeport-McMoRan were worth $1,604,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FCX. Vanguard Group Inc. raised its holdings in shares of Freeport-McMoRan by 1.2% during 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 grew its holdings in 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 worth $3,244,504,000 after buying an additional 622,343 shares in the last quarter. State Street Corp grew its holdings in Freeport-McMoRan by 0.6% in the 4th quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock worth $3,193,327,000 after buying an additional 395,226 shares in the last quarter. Franklin Resources Inc. grew its holdings in Freeport-McMoRan by 31.2% in the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after buying an additional 8,891,743 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in Freeport-McMoRan by 190.9% in the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after acquiring an additional 23,950,557 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Weiss Ratings raised Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, May 22nd. Citigroup decreased their price target on Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, May 1st. BMO Capital Markets raised their price target on Freeport-McMoRan from $68.00 to $78.00 and gave the company an “outperform” rating in a report on Tuesday, June 23rd. Jefferies Financial Group lifted their price objective on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Finally, Wall Street Zen raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.36.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $60.88 on Friday. The stock has a market cap of $87.52 billion, a price-to-earnings ratio of 32.38, a PEG ratio of 0.74 and a beta of 1.37. 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 12 month low of $35.15 and a 12 month high of $72.28. The stock’s 50 day moving average price is $63.81 and its 200 day moving average price is $61.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly 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 during the quarter, compared to analyst estimates of $5.73 billion. During the same period last year, the company posted $0.24 EPS. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be issued a $0.075 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is 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.