Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Eagle Strategies LLC

Eagle Strategies LLC lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 24.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,614 shares of the natural resource company’s stock after buying an additional 12,697 shares during the quarter. Eagle Strategies LLC’s holdings in Freeport-McMoRan were worth $2,499,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Asset Planning Inc acquired a new position in Freeport-McMoRan during the fourth quarter worth $25,000. Mizuho Bank Ltd. acquired a new stake in Freeport-McMoRan during the fourth quarter worth about $26,000. Vision Financial Markets LLC purchased a new position in Freeport-McMoRan during the fourth quarter worth about $27,000. Laurel Wealth Advisors LLC increased its holdings in shares of 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 during the last quarter. Finally, Roxbury Financial LLC acquired a new position in Freeport-McMoRan in the fourth quarter valued at approximately $28,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

FCX stock opened at $36.06 on Thursday. The company has a market capitalization of $51.82 billion, a PE ratio of 27.95, a P/E/G ratio of 0.87 and a beta of 1.71. The stock’s 50 day moving average is $36.19 and its two-hundred day moving average is $39.75. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The firm had revenue of $5.73 billion for the quarter, compared to analysts’ expectations of $5.36 billion. During the same period last year, the firm earned $0.32 EPS. The firm’s revenue was down 9.4% compared to the same quarter last year. Analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.66%. Freeport-McMoRan’s payout ratio is 24.79%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on FCX shares. BMO Capital Markets lowered their price target on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their target price for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Tuesday, April 8th. Scotiabank cut 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 note on Monday, April 7th. Finally, 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 research note on Tuesday, April 15th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.09.

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.