FNY Investment Advisers LLC Purchases Shares of 1,500 Freeport-McMoRan Inc. (NYSE:FCX)

FNY Investment Advisers LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 1,500 shares of the natural resource company’s stock, valued at approximately $57,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mountaineer Partners Management LLC grew its stake in shares of Freeport-McMoRan by 4,767.8% in the third quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock valued at $595,702,000 after buying an additional 11,687,982 shares in the last quarter. Franklin Resources Inc. grew its holdings in Freeport-McMoRan by 9.5% during the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock valued at $1,348,522,000 after purchasing an additional 2,366,187 shares in the last quarter. Los Angeles Capital Management LLC lifted its holdings in Freeport-McMoRan by 423.5% in the 3rd quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock worth $139,183,000 after buying an additional 2,255,529 shares in the last quarter. Fisher Asset Management LLC grew its stake in shares of Freeport-McMoRan by 2.4% during the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock valued at $2,965,717,000 after acquiring an additional 1,392,494 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its stake in shares of Freeport-McMoRan by 5,249.5% in the third quarter. International Assets Investment Management LLC now owns 1,341,335 shares of the natural resource company’s stock worth $66,959,000 after acquiring an additional 1,316,261 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. JPMorgan Chase & Co. increased their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Raymond James upped their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Finally, Jefferies Financial Group dropped their price target on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.96.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $40.04 on Thursday. The firm has a market capitalization of $57.53 billion, a PE ratio of 29.23, a P/E/G ratio of 2.90 and a beta of 1.87. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average price of $41.67 and a 200 day moving average price of $44.46. Freeport-McMoRan Inc. has a 52-week low of $36.26 and a 52-week high of $55.24.

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

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Wednesday, January 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date is Wednesday, January 15th. Freeport-McMoRan’s payout ratio is 43.80%.

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.