Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Xponance Inc.

Xponance Inc. grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 21.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 233,855 shares of the natural resource company’s stock after buying an additional 40,847 shares during the quarter. Xponance Inc.’s holdings in Freeport-McMoRan were worth $9,955,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. FinTrust Capital Advisors LLC lifted its holdings in shares of Freeport-McMoRan by 5.1% in the 4th quarter. FinTrust Capital Advisors LLC now owns 5,252 shares of the natural resource company’s stock valued at $200,000 after buying an additional 253 shares during the period. Fulton Bank N.A. increased its holdings in shares of Freeport-McMoRan by 2.6% in the fourth quarter. Fulton Bank N.A. now owns 10,606 shares of the natural resource company’s stock valued at $451,000 after purchasing an additional 267 shares during the last quarter. Drive Wealth Management LLC increased its holdings in shares of Freeport-McMoRan by 2.8% in the fourth quarter. Drive Wealth Management LLC now owns 9,840 shares of the natural resource company’s stock valued at $419,000 after purchasing an additional 267 shares during the last quarter. Sound Income Strategies LLC increased its stake in Freeport-McMoRan by 38.8% during the fourth quarter. Sound Income Strategies LLC now owns 965 shares of the natural resource company’s stock worth $41,000 after acquiring an additional 270 shares during the last quarter. Finally, PFG Investments LLC increased its stake in Freeport-McMoRan by 1.7% during the fourth quarter. PFG Investments LLC now owns 16,844 shares of the natural resource company’s stock worth $717,000 after acquiring an additional 285 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on FCX shares. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price for the company in a research note on Tuesday, April 9th. Raymond James raised their price target on Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research note on Thursday, January 4th. Scotiabank raised their price target on Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a research note on Tuesday, April 9th. JPMorgan Chase & Co. raised their price target on Freeport-McMoRan from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $41.00 to $48.50 in a research report on Monday, January 8th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $47.54.

Freeport-McMoRan Stock Performance

FCX stock traded up $0.59 during trading on Friday, hitting $50.75. The company had a trading volume of 1,308,877 shares, compared to its average volume of 13,568,610. The firm has a market cap of $72.80 billion, a PE ratio of 39.50, a price-to-earnings-growth ratio of 2.25 and a beta of 2.04. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $52.42. The firm has a 50-day moving average price of $43.32 and a 200-day moving average price of $39.82. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.04. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The firm had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter in the previous year, the firm posted $0.52 EPS. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, analysts expect that Freeport-McMoRan Inc. will post 1.6 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is presently 23.62%.

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.