Freeport-McMoRan Inc. $FCX Position Increased by Baker Avenue Asset Management LP

Baker Avenue Asset Management LP raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 4.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 331,356 shares of the natural resource company’s stock after buying an additional 15,168 shares during the period. Baker Avenue Asset Management LP’s holdings in Freeport-McMoRan were worth $14,364,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Brighton Jones LLC raised its position in shares of Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after purchasing an additional 2,882 shares during the period. Bison Wealth LLC increased its stake in Freeport-McMoRan by 5.6% in the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 507 shares in the last quarter. Wolverine Asset Management LLC raised its holdings in Freeport-McMoRan by 100.0% during the 1st quarter. Wolverine Asset Management LLC now owns 24,000 shares of the natural resource company’s stock worth $909,000 after buying an additional 12,000 shares during the period. Zions Bancorporation National Association UT purchased a new stake in Freeport-McMoRan during the first quarter valued at about $362,000. Finally, Covestor Ltd lifted its stake in Freeport-McMoRan by 76.3% during the first quarter. Covestor Ltd now owns 2,620 shares of the natural resource company’s stock valued at $99,000 after buying an additional 1,134 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on FCX. Scotiabank upgraded shares of Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and cut their price target for the company from $51.00 to $47.00 in a report on Wednesday, November 19th. Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a research report on Wednesday, October 8th. Royal Bank Of Canada reduced their target price on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a report on Wednesday, October 1st. JPMorgan Chase & Co. lifted their price target on Freeport-McMoRan from $50.00 to $58.00 and gave the company an “overweight” rating in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a research report on Wednesday, November 26th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Freeport-McMoRan has a consensus rating of “Buy” and a consensus price target of $47.30.

Freeport-McMoRan Price Performance

NYSE FCX opened at $45.22 on Monday. The company has a quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $64.94 billion, a PE ratio of 31.85, a price-to-earnings-growth ratio of 1.02 and a beta of 1.49. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $49.12. The company has a 50 day moving average price of $41.17 and a two-hundred day moving average price of $42.22.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The business had revenue of $6.97 billion for the quarter, compared to the consensus estimate of $6.74 billion. During the same quarter last year, the firm earned $0.38 EPS. Freeport-McMoRan’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were given a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. Freeport-McMoRan’s payout ratio is currently 21.13%.

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.