Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Ritholtz Wealth Management

Ritholtz Wealth Management lifted its position in Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 7.4% in the fourth quarter, Holdings Channel reports. The firm owned 17,954 shares of the natural resource company’s stock after acquiring an additional 1,238 shares during the period. Ritholtz Wealth Management’s holdings in Freeport-McMoRan were worth $684,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in FCX. Sanctuary Advisors LLC raised its stake in Freeport-McMoRan by 9.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock valued at $8,219,000 after acquiring an additional 14,501 shares during the last quarter. Easterly Investment Partners LLC raised its stake in Freeport-McMoRan by 137.5% during the 3rd quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock valued at $7,375,000 after acquiring an additional 85,542 shares during the last quarter. Summit Global Investments raised its stake in Freeport-McMoRan by 1,559.3% during the 3rd quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock valued at $3,819,000 after acquiring an additional 71,883 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Freeport-McMoRan during the 3rd quarter valued at approximately $754,000. Finally, AIA Group Ltd raised its stake in Freeport-McMoRan by 16.2% during the 3rd quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock valued at $4,604,000 after acquiring an additional 12,887 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FCX has been the subject of several analyst reports. Scotiabank reduced their price objective on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a research note on Monday, January 6th. JPMorgan Chase & Co. cut their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Raymond James increased their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Jefferies Financial Group cut their target price on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $52.42.

View Our Latest Report on FCX

Freeport-McMoRan Stock Performance

FCX opened at $40.27 on Tuesday. The stock has a market cap of $57.86 billion, a P/E ratio of 29.39, a P/E/G ratio of 2.13 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The stock’s 50 day simple moving average is $41.15 and its 200 day simple moving average is $44.20. Freeport-McMoRan Inc. has a 1-year low of $36.26 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCXGet Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The business had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company’s revenue was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.39 EPS. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.46 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Wednesday, January 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date is Wednesday, January 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

About Freeport-McMoRan

(Free Report)

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.

See Also

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCXFree Report).

Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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