Freeport-McMoRan Inc. (NYSE:FCX) Stock Holdings Increased by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 128,882 shares of the natural resource company’s stock after acquiring an additional 1,294 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Freeport-McMoRan were worth $5,487,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Nicholas Hoffman & Company LLC. raised its holdings in shares of Freeport-McMoRan by 3.8% during the fourth quarter. Nicholas Hoffman & Company LLC. now owns 8,494 shares of the natural resource company’s stock valued at $362,000 after acquiring an additional 313 shares during the period. Verdence Capital Advisors LLC acquired a new stake in shares of Freeport-McMoRan during the fourth quarter valued at approximately $209,000. abrdn plc raised its holdings in shares of Freeport-McMoRan by 83.7% during the fourth quarter. abrdn plc now owns 664,672 shares of the natural resource company’s stock valued at $28,295,000 after acquiring an additional 302,762 shares during the period. Greenleaf Trust raised its holdings in shares of Freeport-McMoRan by 8.0% during the fourth quarter. Greenleaf Trust now owns 24,647 shares of the natural resource company’s stock valued at $1,049,000 after acquiring an additional 1,817 shares during the period. Finally, Fidelis Capital Partners LLC raised its holdings in shares of Freeport-McMoRan by 30.2% during the fourth quarter. Fidelis Capital Partners LLC now owns 10,538 shares of the natural resource company’s stock valued at $449,000 after acquiring an additional 2,447 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FCX. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective on the stock in a research report on Tuesday, April 9th. Raymond James boosted their price objective on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research report on Thursday, January 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $41.00 to $48.50 in a research report on Monday, January 8th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Wednesday, April 17th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $49.23.

Freeport-McMoRan Stock Down 1.1 %

Freeport-McMoRan stock opened at $49.61 on Monday. The company has a market capitalization of $71.16 billion, a P/E ratio of 39.06, a P/E/G ratio of 2.28 and a beta of 2.04. The firm’s fifty day simple moving average is $43.57 and its 200-day simple moving average is $39.96. 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 1-year low of $32.83 and a 1-year high of $52.42.

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

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.21%. Freeport-McMoRan’s dividend payout ratio is currently 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.