Goehring & Rozencwajg Associates LLC Grows Stake in Freeport-McMoRan Inc. $FCX

Goehring & Rozencwajg Associates LLC lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 5.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 237,584 shares of the natural resource company’s stock after buying an additional 12,148 shares during the period. Freeport-McMoRan makes up about 1.2% of Goehring & Rozencwajg Associates LLC’s investment portfolio, making the stock its 29th biggest position. Goehring & Rozencwajg Associates LLC’s holdings in Freeport-McMoRan were worth $12,067,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Leo Wealth LLC boosted its holdings in shares of Freeport-McMoRan by 2.5% in the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock valued at $347,000 after purchasing an additional 170 shares during the period. Physician Wealth Advisors Inc. boosted its holdings in shares of Freeport-McMoRan by 23.5% in the fourth quarter. Physician Wealth Advisors Inc. now owns 924 shares of the natural resource company’s stock valued at $47,000 after purchasing an additional 176 shares during the period. Castle Rock Wealth Management LLC boosted its holdings in shares of Freeport-McMoRan by 3.3% in the fourth quarter. Castle Rock Wealth Management LLC now owns 5,687 shares of the natural resource company’s stock valued at $289,000 after purchasing an additional 180 shares during the period. GW&K Investment Management LLC boosted its holdings in shares of Freeport-McMoRan by 11.1% in the fourth quarter. GW&K Investment Management LLC now owns 1,840 shares of the natural resource company’s stock valued at $93,000 after purchasing an additional 184 shares during the period. Finally, Private Trust Co. NA boosted its holdings in shares of Freeport-McMoRan by 6.7% in the fourth quarter. Private Trust Co. NA now owns 3,119 shares of the natural resource company’s stock valued at $158,000 after purchasing an additional 195 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FCX has been the subject of a number of research reports. Barclays initiated coverage on Freeport-McMoRan in a report on Thursday, May 21st. They issued an “overweight” rating and a $77.00 price target for the company. CICC Research lowered their price target on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a report on Tuesday, April 28th. UBS Group boosted their price target on Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Scotiabank lowered their price target on Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating for the company in a report on Friday, April 24th. Finally, HSBC boosted their price target on Freeport-McMoRan from $72.00 to $75.00 in a report on Friday. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $66.86.

Freeport-McMoRan Stock Up 2.9%

Freeport-McMoRan stock opened at $68.28 on Friday. The business has a fifty day moving average of $64.24 and a two-hundred day moving average of $59.05. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The firm has a market cap of $98.15 billion, a P/E ratio of 36.32, a P/E/G ratio of 0.80 and a beta of 1.35. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.09.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results 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 company had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.Freeport-McMoRan’s revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.24 earnings per share. On average, analysts forecast that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were issued a dividend of $0.075 per share. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is currently 15.96%.

About Freeport-McMoRan

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.