Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Procyon Advisors LLC

Procyon Advisors LLC lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.1% during the fourth quarter, Holdings Channel reports. The fund owned 23,350 shares of the natural resource company’s stock after purchasing an additional 1,335 shares during the quarter. Procyon Advisors LLC’s holdings in Freeport-McMoRan were worth $994,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fairfield Bush & CO. acquired a new position in Freeport-McMoRan in the first quarter valued at approximately $26,000. Synovus Financial Corp raised its holdings in Freeport-McMoRan by 15.2% during the first quarter. Synovus Financial Corp now owns 11,101 shares of the natural resource company’s stock worth $553,000 after purchasing an additional 1,468 shares in the last quarter. Blair William & Co. IL raised its holdings in Freeport-McMoRan by 40.8% during the first quarter. Blair William & Co. IL now owns 112,066 shares of the natural resource company’s stock worth $5,574,000 after purchasing an additional 32,474 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Freeport-McMoRan by 73.6% in the first quarter. Sei Investments Co. now owns 132,043 shares of the natural resource company’s stock valued at $6,624,000 after buying an additional 55,987 shares in the last quarter. Finally, Baird Financial Group Inc. increased its holdings in shares of Freeport-McMoRan by 22.0% in the first quarter. Baird Financial Group Inc. now owns 79,686 shares of the natural resource company’s stock valued at $3,964,000 after buying an additional 14,388 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Shares of FCX stock traded up $0.49 during midday trading on Thursday, hitting $46.37. 2,892,995 shares of the company were exchanged, compared to its average volume of 12,697,157. The firm has a market capitalization of $66.51 billion, a P/E ratio of 36.14 and a beta of 2.02. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. The firm’s 50 day moving average price is $40.08 and its two-hundred day moving average price is $38.62. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $46.62.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, January 24th. The natural resource company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.23 by $0.04. The business had revenue of $5.91 billion during the quarter, compared to the consensus estimate of $5.85 billion. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. Freeport-McMoRan’s revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.52 EPS. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.53 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 paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.29%. Freeport-McMoRan’s dividend payout ratio (DPR) is 23.62%.

Analyst Ratings Changes

Several analysts have issued reports on FCX shares. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 target price on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Raymond James boosted their target price on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research note on Thursday, January 4th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $41.00 to $48.50 in a research note on Monday, January 8th. UBS Group cut their target price on shares of Freeport-McMoRan from $42.00 to $41.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 13th. Finally, Eight Capital set a $55.00 price target on shares of Freeport-McMoRan and gave the company a “buy” rating in a report on Wednesday, December 6th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $44.95.

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.