Freeport-McMoRan Inc. (NYSE:FCX) Stake Increased by Tidal Investments LLC

Tidal Investments LLC increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 6.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 164,445 shares of the natural resource company’s stock after acquiring an additional 9,364 shares during the quarter. Tidal Investments LLC’s holdings in Freeport-McMoRan were worth $6,262,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in FCX. Coppell Advisory Solutions LLC increased its stake in Freeport-McMoRan by 47.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company’s stock valued at $32,000 after purchasing an additional 268 shares during the last quarter. PFG Investments LLC increased its stake in Freeport-McMoRan by 1.3% during the fourth quarter. PFG Investments LLC now owns 22,910 shares of the natural resource company’s stock valued at $872,000 after purchasing an additional 283 shares during the last quarter. Palogic Value Management L.P. increased its stake in Freeport-McMoRan by 1.5% during the fourth quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company’s stock valued at $772,000 after purchasing an additional 292 shares during the last quarter. CIBC Private Wealth Group LLC increased its stake in Freeport-McMoRan by 0.9% during the fourth quarter. CIBC Private Wealth Group LLC now owns 36,514 shares of the natural resource company’s stock valued at $1,451,000 after purchasing an additional 309 shares during the last quarter. Finally, Inspire Advisors LLC increased its stake in Freeport-McMoRan by 2.6% during the fourth quarter. Inspire Advisors LLC now owns 12,965 shares of the natural resource company’s stock valued at $494,000 after purchasing an additional 325 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $38.78 on Tuesday. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month 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 $55.73 billion, a price-to-earnings ratio of 30.06, a PEG ratio of 0.87 and a beta of 1.65. The firm has a 50-day moving average of $36.55 and a two-hundred day moving average of $38.81.

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

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio is presently 24.79%.

Wall Street Analyst Weigh In

Several analysts have weighed in on FCX shares. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday, April 8th. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Hsbc Global Res upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 14th. JPMorgan Chase & Co. lowered their price target 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. Finally, Jefferies Financial Group restated a “buy” rating and set a $50.00 price target (up previously from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Five equities research 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’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $48.36.

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.