Saxon Interests Inc. Acquires Shares of 4,710 Freeport-McMoRan Inc. (NYSE:FCX)

Saxon Interests Inc. bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, HoldingsChannel reports. The fund bought 4,710 shares of the natural resource company’s stock, valued at approximately $201,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Cape ANN Savings Bank raised its position in Freeport-McMoRan by 1.6% during the 2nd quarter. Cape ANN Savings Bank now owns 15,588 shares of the natural resource company’s stock worth $624,000 after buying an additional 250 shares during the last quarter. FinTrust Capital Advisors LLC lifted its holdings in shares of Freeport-McMoRan by 5.1% in the 4th quarter. FinTrust Capital Advisors LLC now owns 5,252 shares of the natural resource company’s stock valued at $200,000 after buying an additional 253 shares during the period. Fulton Bank N.A. boosted its stake in shares of Freeport-McMoRan by 2.6% in the fourth quarter. Fulton Bank N.A. now owns 10,606 shares of the natural resource company’s stock valued at $451,000 after buying an additional 267 shares in the last quarter. Sound Income Strategies LLC grew its position in Freeport-McMoRan by 38.8% during the fourth quarter. Sound Income Strategies LLC now owns 965 shares of the natural resource company’s stock worth $41,000 after buying an additional 270 shares during the period. Finally, PFG Investments LLC boosted its position in shares of Freeport-McMoRan by 1.7% in the 4th quarter. PFG Investments LLC now owns 16,844 shares of the natural resource company’s stock worth $717,000 after buying an additional 285 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FCX. UBS Group decreased their target price on shares of Freeport-McMoRan from $42.00 to $41.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 13th. Raymond James boosted their price objective on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research note on Thursday, January 4th. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $41.00 to $48.50 in a research report on Monday, January 8th. Eight Capital set a $55.00 price target on shares of Freeport-McMoRan and gave the company a “buy” rating in a research report on Wednesday, December 6th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price target on shares of Freeport-McMoRan in a report on Thursday, January 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $44.95.

Freeport-McMoRan Trading Up 2.4 %

Shares of NYSE FCX traded up $1.10 during mid-day trading on Thursday, hitting $46.99. The company’s stock had a trading volume of 20,164,344 shares, compared to its average volume of 12,994,903. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.42 and a quick ratio of 1.38. The stock has a market cap of $67.40 billion, a price-to-earnings ratio of 37.09 and a beta of 2.02. The company’s fifty day simple moving average is $40.08 and its 200-day simple moving average is $38.62. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $47.19.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.04. The firm had revenue of $5.91 billion for the quarter, compared to analyst estimates of $5.85 billion. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.52 earnings per share. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.53 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 Wednesday, May 1st. Investors of record on Monday, April 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.28%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 23.62%.

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.