342,324 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Purchased by Covalis Capital LLP

Covalis Capital LLP acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, Holdings Channel reports. The fund acquired 342,324 shares of the natural resource company’s stock, valued at approximately $13,036,000. Freeport-McMoRan comprises 1.9% of Covalis Capital LLP’s investment portfolio, making the stock its 20th biggest position.

A number of other hedge funds have also modified their holdings of the stock. Asset Planning Inc acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $25,000. Mizuho Bank Ltd. acquired a new stake in Freeport-McMoRan during the 4th quarter worth approximately $26,000. Vision Financial Markets LLC bought a new position in Freeport-McMoRan during the 4th quarter worth about $27,000. Laurel Wealth Advisors LLC lifted its position in Freeport-McMoRan by 487.8% during the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after buying an additional 600 shares in the last quarter. Finally, Roxbury Financial LLC acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $28,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FCX. JPMorgan Chase & Co. reduced their target price on shares of Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Wolfe Research raised shares of Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 target price for the company in a research report on Wednesday. Raymond James increased their price objective on shares of Freeport-McMoRan from $49.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, April 4th. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Finally, BMO Capital Markets dropped their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.39.

Freeport-McMoRan Trading Down 1.3 %

Shares of FCX opened at $32.90 on Friday. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $55.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The firm has a 50 day simple moving average of $36.66 and a 200-day simple moving average of $40.52. The stock has a market cap of $47.28 billion, a price-to-earnings ratio of 25.51, a price-to-earnings-growth ratio of 0.87 and a beta of 1.71.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly 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%. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

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.