K.J. Harrison & Partners Inc Has $8.74 Million Stake in Freeport-McMoRan Inc. (NYSE:FCX)

K.J. Harrison & Partners Inc lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 14.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 205,298 shares of the natural resource company’s stock after purchasing an additional 25,865 shares during the quarter. Freeport-McMoRan accounts for 1.5% of K.J. Harrison & Partners Inc’s investment portfolio, making the stock its 12th largest holding. K.J. Harrison & Partners Inc’s holdings in Freeport-McMoRan were worth $8,740,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Freeport-McMoRan by 0.3% during the third quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock worth $4,451,285,000 after purchasing an additional 305,912 shares during the period. Northern Trust Corp grew its holdings in Freeport-McMoRan by 4.2% during the third quarter. Northern Trust Corp now owns 17,756,034 shares of the natural resource company’s stock worth $662,123,000 after buying an additional 709,114 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Freeport-McMoRan by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock worth $279,977,000 after buying an additional 102,466 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Freeport-McMoRan by 18.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 6,393,868 shares of the natural resource company’s stock worth $238,427,000 after buying an additional 986,703 shares in the last quarter. Finally, Alphinity Investment Management Pty Ltd grew its holdings in Freeport-McMoRan by 15.6% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 6,232,130 shares of the natural resource company’s stock worth $265,302,000 after buying an additional 840,900 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FCX has been the subject of several recent research reports. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a report on Tuesday, April 9th. Bernstein Bank upped their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday. Raymond James upped their price objective on Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a research note on Wednesday. Scotiabank reduced their price objective on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating for the company in a research note on Wednesday. Finally, Argus upped their price objective on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price of $50.07.

Freeport-McMoRan Price Performance

NYSE FCX traded up $1.08 during trading hours on Friday, hitting $50.48. The company had a trading volume of 19,035,288 shares, compared to its average volume of 13,995,083. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $52.42. The firm has a 50 day simple moving average of $44.47 and a 200 day simple moving average of $40.26. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.38 and a current ratio of 2.35. The firm has a market capitalization of $72.41 billion, a price-to-earnings ratio of 44.67, a PEG ratio of 2.21 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The business had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter last year, the company earned $0.52 EPS. The firm’s revenue was up 17.3% compared to the same quarter last year. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be paid a $0.15 dividend. The ex-dividend date is Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.19%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

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.