Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by abrdn plc

abrdn plc boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 83.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 664,672 shares of the natural resource company’s stock after buying an additional 302,762 shares during the period. abrdn plc’s holdings in Freeport-McMoRan were worth $28,295,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in FCX. Bruce G. Allen Investments LLC acquired a new position in Freeport-McMoRan during the 4th quarter valued at about $27,000. BluePath Capital Management LLC acquired a new position in Freeport-McMoRan during the 3rd quarter valued at about $28,000. Webster Bank N. A. increased its holdings in shares of Freeport-McMoRan by 6,469.2% in the fourth quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock valued at $36,000 after purchasing an additional 841 shares during the period. CVA Family Office LLC acquired a new position in shares of Freeport-McMoRan in the fourth quarter valued at about $38,000. Finally, Orion Capital Management LLC acquired a new position in shares of Freeport-McMoRan in the third quarter valued at about $40,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FCX has been the topic of a number of research reports. JPMorgan Chase & Co. increased their price objective on Freeport-McMoRan from $43.00 to $52.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a report on Thursday, January 25th. Raymond James increased their price objective on Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a report on Thursday, January 4th. Scotiabank increased their price objective on Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a report on Tuesday, April 9th. Finally, Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a report on Tuesday, April 9th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $49.23.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $48.98 on Tuesday. The company has a market capitalization of $70.26 billion, a P/E ratio of 38.57, a P/E/G ratio of 2.28 and a beta of 2.04. The business’s 50 day moving average is $43.80 and its two-hundred day moving average is $40.06. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $52.42.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04. The company had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.85 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. Freeport-McMoRan’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.52 earnings per share. Analysts expect that Freeport-McMoRan Inc. will post 1.57 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.22%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 23.62%.

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.