Freeport-McMoRan Inc. (NYSE:FCX) Stake Boosted by Procyon Advisors LLC

Procyon Advisors LLC grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,350 shares of the natural resource company’s stock after acquiring an additional 1,335 shares during the period. Procyon Advisors LLC’s holdings in Freeport-McMoRan were worth $994,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of FCX. Price T Rowe Associates Inc. MD raised its position in shares of Freeport-McMoRan by 102.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,698,016 shares of the natural resource company’s stock valued at $355,838,000 after buying an additional 4,410,429 shares during the last quarter. Capital Wealth Planning LLC bought a new stake in Freeport-McMoRan during the third quarter worth about $160,160,000. Mizuho Markets Americas LLC bought a new stake in Freeport-McMoRan during the third quarter worth about $141,407,000. Imprint Wealth LLC grew its stake in shares of Freeport-McMoRan by 1,678.9% during the second quarter. Imprint Wealth LLC now owns 2,098,587 shares of the natural resource company’s stock valued at $209,859,000 after purchasing an additional 1,980,616 shares during the last quarter. Finally, Alphinity Investment Management Pty Ltd grew its stake in shares of Freeport-McMoRan by 57.4% during the third quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock valued at $201,039,000 after purchasing an additional 1,965,987 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on FCX. Morgan Stanley cut their target price on shares of Freeport-McMoRan from $41.00 to $40.00 and set an “equal weight” rating on the stock in a report on Thursday, December 7th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and raised their target price for the company from $41.00 to $48.50 in a research report on Monday, January 8th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Raymond James lifted their target price on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a report on Thursday, January 4th. Finally, UBS Group dropped their price objective on shares of Freeport-McMoRan from $42.00 to $41.00 and set a “neutral” rating for the company in a research note on Wednesday, December 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Hold” and an average target price of $44.95.

Freeport-McMoRan Trading Up 1.1 %

FCX traded up $0.49 during trading on Thursday, hitting $46.37. The company’s stock had a trading volume of 2,892,995 shares, compared to its average volume of 12,697,157. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $46.62. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32. The stock’s fifty day moving average price is $40.08 and its 200-day moving average price is $38.62. The firm has a market capitalization of $66.51 billion, a P/E ratio of 36.14 and a beta of 2.02.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The company had revenue of $5.91 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same period in the prior year, the firm earned $0.52 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 2.6% on a year-over-year basis. Analysts anticipate that Freeport-McMoRan Inc. will post 1.53 EPS 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 paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.29%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 23.62%.

About Freeport-McMoRan

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.