Freeport-McMoRan Inc. (NYSE:FCX) Stake Increased by Capital Group Investment Management PTE. LTD.

Capital Group Investment Management PTE. LTD. raised its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 58,832 shares of the natural resource company’s stock after acquiring an additional 2,424 shares during the quarter. Capital Group Investment Management PTE. LTD.’s holdings in Freeport-McMoRan were worth $2,240,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Westside Investment Management Inc. increased its holdings in Freeport-McMoRan by 33.0% in the third quarter. Westside Investment Management Inc. now owns 7,867 shares of the natural resource company’s stock valued at $373,000 after buying an additional 1,950 shares during the last quarter. Pine Valley Investments Ltd Liability Co increased its holdings in shares of Freeport-McMoRan by 5.0% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 10,306 shares of the natural resource company’s stock valued at $514,000 after acquiring an additional 490 shares during the last quarter. World Investment Advisors LLC acquired a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at approximately $246,000. Wilmington Savings Fund Society FSB bought a new position in Freeport-McMoRan during the third quarter worth $754,000. Finally, Tidal Investments LLC boosted its holdings in Freeport-McMoRan by 6.2% in the third quarter. Tidal Investments LLC now owns 155,081 shares of the natural resource company’s stock worth $7,742,000 after purchasing an additional 8,995 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $32.90 on Friday. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $55.24. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average of $36.75 and a two-hundred day moving average of $40.64. The company has a market capitalization of $47.28 billion, a price-to-earnings ratio of 25.51, a PEG ratio of 0.87 and a beta of 1.71.

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 analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. As a group, analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date of this dividend is Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 23.26%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on FCX shares. Scotiabank reduced their price target on shares of Freeport-McMoRan from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Monday, April 7th. UBS Group cut their target price on shares of Freeport-McMoRan from $52.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday. Dbs Bank raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a report on Thursday, March 6th. Finally, Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.39.

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.