Ieq Capital LLC Raises Stock Holdings in Freeport-McMoRan Inc. $FCX

Ieq Capital LLC grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 86.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 796,631 shares of the natural resource company’s stock after buying an additional 370,414 shares during the period. Ieq Capital LLC owned about 0.06% of Freeport-McMoRan worth $40,461,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of FCX. Brighton Jones LLC lifted its holdings in Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after buying an additional 2,882 shares during the last quarter. Bison Wealth LLC lifted its holdings in shares of Freeport-McMoRan by 5.6% in the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 507 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Freeport-McMoRan in the 2nd quarter worth approximately $560,000. Brown Advisory Inc. lifted its holdings in shares of Freeport-McMoRan by 27.0% in the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock worth $539,000 after purchasing an additional 2,648 shares during the last quarter. Finally, Jump Financial LLC lifted its holdings in shares of Freeport-McMoRan by 42.7% in the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock worth $2,172,000 after purchasing an additional 14,992 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FCX. Citigroup cut their price target on Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, May 1st. HSBC raised their price target on Freeport-McMoRan from $72.00 to $75.00 in a report on Friday. Freedom Capital raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Saturday, February 21st. JPMorgan Chase & Co. lowered their target price on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a research report on Monday, April 27th. Finally, Sanford C. Bernstein raised their target price on Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $66.86.

Freeport-McMoRan Stock Up 2.9%

FCX opened at $68.28 on Friday. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.09. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The stock has a market cap of $98.15 billion, a P/E ratio of 36.32, a P/E/G ratio of 0.80 and a beta of 1.35. The stock’s 50 day moving average price is $64.24 and its 200 day moving average price is $59.05.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $5.73 billion. During the same period last year, the firm earned $0.24 EPS. The firm’s revenue was up 8.8% compared to the same quarter last year. As a group, research analysts predict that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.4%. The ex-dividend date was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 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.