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

Ritholtz Wealth Management boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 7.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,954 shares of the natural resource company’s stock after acquiring an additional 1,238 shares during the quarter. Ritholtz Wealth Management’s holdings in Freeport-McMoRan were worth $684,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sanctuary Advisors LLC increased its stake in Freeport-McMoRan by 9.7% during the third quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock worth $8,219,000 after acquiring an additional 14,501 shares during the last quarter. Easterly Investment Partners LLC boosted its position in shares of Freeport-McMoRan by 137.5% during the third quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock worth $7,375,000 after buying an additional 85,542 shares during the period. Summit Global Investments boosted its position in shares of Freeport-McMoRan by 1,559.3% during the third quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock worth $3,819,000 after buying an additional 71,883 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Freeport-McMoRan during the third quarter worth $754,000. Finally, AIA Group Ltd boosted its position in shares of Freeport-McMoRan by 16.2% during the third quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock worth $4,604,000 after buying an additional 12,887 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Scotiabank lowered their price target on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a research report on Monday, January 6th. Raymond James raised their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Jefferies Financial Group decreased their target price on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $52.42.

Freeport-McMoRan Stock Up 0.6 %

Shares of NYSE FCX opened at $40.27 on Tuesday. The company has a market capitalization of $57.86 billion, a price-to-earnings ratio of 29.39, a price-to-earnings-growth 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 business has a 50-day moving average of $41.15 and a two-hundred day moving average of $44.20. Freeport-McMoRan Inc. has a 1 year low of $36.26 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. The firm had revenue of $6.79 billion during 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 business’s revenue was up 16.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.39 EPS. On average, analysts forecast that Freeport-McMoRan Inc. will post 1.46 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 Monday, February 3rd. Investors of record on Wednesday, January 15th will be given a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.49%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

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.