Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 12.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,286,048 shares of the natural resource company’s stock after acquiring an additional 373,922 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Freeport-McMoRan were worth $125,133,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Lazard Asset Management LLC increased its stake in shares of Freeport-McMoRan by 4.1% during the fourth quarter. Lazard Asset Management LLC now owns 561,524 shares of the natural resource company’s stock valued at $21,381,000 after acquiring an additional 22,265 shares during the period. LRI Investments LLC lifted its holdings in shares of Freeport-McMoRan by 84.1% in the fourth quarter. LRI Investments LLC now owns 2,789 shares of the natural resource company’s stock valued at $106,000 after buying an additional 1,274 shares during the period. Investment Management Corp of Ontario lifted its holdings in shares of Freeport-McMoRan by 77.0% in the fourth quarter. Investment Management Corp of Ontario now owns 84,344 shares of the natural resource company’s stock valued at $3,212,000 after buying an additional 36,681 shares during the period. Gotham Asset Management LLC lifted its holdings in shares of Freeport-McMoRan by 51.6% in the fourth quarter. Gotham Asset Management LLC now owns 196,100 shares of the natural resource company’s stock valued at $7,467,000 after buying an additional 66,745 shares during the period. Finally, Greenline Partners LLC lifted its holdings in shares of Freeport-McMoRan by 1.9% in the fourth quarter. Greenline Partners LLC now owns 97,327 shares of the natural resource company’s stock valued at $3,706,000 after buying an additional 1,853 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on FCX shares. Jefferies Financial Group reaffirmed a “buy” rating and issued a $50.00 price objective (up previously from $48.00) on shares of Freeport-McMoRan in a research note on Friday, April 25th. Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Raymond James reiterated an “outperform” rating and set a $52.00 price objective on shares of Freeport-McMoRan in a research report on Friday, April 25th. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research report on Thursday, March 6th. Finally, StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Tuesday, April 8th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $48.09.

Freeport-McMoRan Trading Up 0.7%

NYSE FCX opened at $37.76 on Monday. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $55.24. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $54.26 billion, a PE ratio of 29.27, a price-to-earnings-growth ratio of 0.87 and a beta of 1.65. The firm’s fifty day simple moving average is $36.29 and its 200-day simple moving average is $39.12.

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

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were issued a dividend of $0.15 per share. The ex-dividend date was Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.59%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 24.79%.

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.