Freeport-McMoRan Inc. $FCX Holdings Boosted by GeoSphere Capital Management LLC

GeoSphere Capital Management LLC boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 18.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 95,000 shares of the natural resource company’s stock after acquiring an additional 15,000 shares during the quarter. Freeport-McMoRan accounts for approximately 1.6% of GeoSphere Capital Management LLC’s holdings, making the stock its 9th biggest holding. GeoSphere Capital Management LLC’s holdings in Freeport-McMoRan were worth $4,825,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Freeport-McMoRan by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock valued at $6,619,611,000 after buying an additional 1,572,769 shares during the period. Fisher Asset Management LLC increased its holdings in Freeport-McMoRan by 1.4% during the third quarter. Fisher Asset Management LLC now owns 63,258,414 shares of the natural resource company’s stock valued at $2,480,995,000 after buying an additional 899,699 shares during the period. State Street Corp increased its holdings in Freeport-McMoRan by 1.1% during the third quarter. State Street Corp now owns 62,477,910 shares of the natural resource company’s stock valued at $2,450,384,000 after buying an additional 690,736 shares during the period. Wellington Management Group LLP increased its holdings in Freeport-McMoRan by 190.9% during the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after buying an additional 23,950,557 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Freeport-McMoRan by 2.1% during the third quarter. Bank of New York Mellon Corp now owns 21,671,223 shares of the natural resource company’s stock valued at $849,945,000 after buying an additional 435,963 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FCX. Freedom Capital raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Saturday, February 21st. Stifel Nicolaus lifted their price target on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. JPMorgan Chase & Co. reduced their price target on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a research report on Monday, April 27th. UBS Group increased their price objective on Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a report on Thursday. Finally, Sanford C. Bernstein lowered their price objective on Freeport-McMoRan from $54.00 to $53.50 and set a “market perform” rating for the company in a research report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $65.72.

Freeport-McMoRan Stock Down 0.1%

Freeport-McMoRan stock opened at $61.92 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The stock has a market capitalization of $89.01 billion, a price-to-earnings ratio of 32.94, a PEG ratio of 0.75 and a beta of 1.32. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $70.96. The business has a fifty day moving average price of $61.41 and a 200-day moving average price of $56.46.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. The firm had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.24 EPS. Equities research analysts forecast that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan’s payout ratio is 15.96%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.