Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Paloma Partners Management Co

Paloma Partners Management Co lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 233.2% during the fourth quarter, HoldingsChannel reports. The fund owned 613,000 shares of the natural resource company’s stock after acquiring an additional 429,000 shares during the quarter. Freeport-McMoRan comprises 1.0% of Paloma Partners Management Co’s holdings, making the stock its 24th biggest position. Paloma Partners Management Co’s holdings in Freeport-McMoRan were worth $23,343,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Asset Planning Inc purchased a new stake in Freeport-McMoRan during the fourth quarter worth about $25,000. Mizuho Bank Ltd. purchased a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $26,000. Vision Financial Markets LLC purchased a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $27,000. Laurel Wealth Advisors LLC lifted its stake in shares of Freeport-McMoRan by 487.8% during the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after buying an additional 600 shares during the period. Finally, Roxbury Financial LLC purchased a new position in shares of Freeport-McMoRan during the fourth quarter valued at approximately $28,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on FCX. Scotiabank dropped their price target on shares of Freeport-McMoRan from $45.00 to $40.00 and set a “sector perform” rating for the company in a research report on Monday, April 7th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday, April 8th. Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. UBS Group cut their price target on Freeport-McMoRan from $52.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Finally, Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research note on Thursday, March 6th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $48.09.

Freeport-McMoRan Stock Down 0.3 %

NYSE:FCX opened at $37.25 on Tuesday. The firm has a market capitalization of $53.53 billion, a PE ratio of 28.88, a price-to-earnings-growth ratio of 0.87 and a beta of 1.71. The stock has a 50 day moving average of $36.24 and a 200-day moving average of $39.79. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $55.24. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.23 by $0.01. The company had revenue of $5.73 billion during the quarter, compared to analyst estimates of $5.36 billion. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The business’s revenue was down 9.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.32 earnings per share. Analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend is Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 24.79%.

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.