Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Russell Investments Group Ltd.

Russell Investments Group Ltd. increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,695,017 shares of the natural resource company’s stock after purchasing an additional 77,586 shares during the period. Russell Investments Group Ltd.’s holdings in Freeport-McMoRan were worth $102,627,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Asset Planning Inc acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth about $25,000. Mizuho Bank Ltd. purchased a new stake in Freeport-McMoRan during the fourth quarter worth approximately $26,000. Vision Financial Markets LLC purchased a new position in Freeport-McMoRan in the fourth quarter valued at approximately $27,000. Laurel Wealth Advisors LLC raised its holdings in Freeport-McMoRan by 487.8% during the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 600 shares in the last quarter. Finally, Roxbury Financial LLC purchased a new stake in shares of Freeport-McMoRan during the 4th quarter worth approximately $28,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Dbs Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. BMO Capital Markets dropped their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. JPMorgan Chase & Co. raised Freeport-McMoRan from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $48.00 to $52.00 in a report on Thursday, March 20th. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research note on Thursday, March 6th. Finally, Scotiabank reduced their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research note on Friday, January 24th. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $51.61.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $29.14 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The firm has a market cap of $41.88 billion, a price-to-earnings ratio of 22.59, a price-to-earnings-growth ratio of 0.87 and a beta of 1.71. The firm’s fifty day moving average price is $37.75 and its 200 day moving average price is $41.73. Freeport-McMoRan Inc. has a 1-year low of $28.49 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th will be issued a $0.15 dividend. The ex-dividend date is Tuesday, April 15th. This represents a $0.60 annualized dividend and a dividend yield of 2.06%. Freeport-McMoRan’s dividend payout ratio is currently 23.26%.

Freeport-McMoRan Company 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.