Miracle Mile Advisors LLC Acquires New Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Miracle Mile Advisors LLC bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 20,582 shares of the natural resource company’s stock, valued at approximately $784,000.

A number of other large investors have also modified their holdings of FCX. Matrix Trust Co purchased a new position in Freeport-McMoRan during the third quarter worth approximately $25,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Freeport-McMoRan in the 2nd quarter worth $27,000. Godsey & Gibb Inc. raised its holdings in shares of Freeport-McMoRan by 150.4% during the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 346 shares during the period. Continuum Advisory LLC boosted its position in shares of Freeport-McMoRan by 46.8% during the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after acquiring an additional 236 shares during the last quarter. Finally, Wolff Wiese Magana LLC grew its holdings in shares of Freeport-McMoRan by 214.4% in the third quarter. Wolff Wiese Magana LLC now owns 849 shares of the natural resource company’s stock valued at $42,000 after purchasing an additional 579 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 1.4 %

NYSE FCX opened at $40.04 on Thursday. Freeport-McMoRan Inc. has a one year low of $36.26 and a one year high of $55.24. The firm has a 50 day simple moving average of $41.67 and a 200-day simple moving average of $44.46. The firm has a market cap of $57.53 billion, a price-to-earnings ratio of 29.23, a PEG ratio of 2.90 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. The company had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm’s revenue was up 16.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.39 EPS. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.49 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Wednesday, January 15th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $0.60 annualized dividend and a yield of 1.50%. Freeport-McMoRan’s dividend payout ratio (DPR) is 43.80%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on FCX shares. Jefferies Financial Group reduced their target price on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Scotiabank decreased their price objective on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a report on Monday, January 6th. JPMorgan Chase & Co. increased their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, Raymond James increased their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.96.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.