Harbor Advisors LLC Purchases New Shares in Freeport-McMoRan Inc. (NYSE:FCX)

Harbor Advisors LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 5,000 shares of the natural resource company’s stock, valued at approximately $213,000.

Several other institutional investors have also added to or reduced their stakes in the company. Bruce G. Allen Investments LLC acquired a new position in Freeport-McMoRan in the 4th quarter valued at $27,000. BluePath Capital Management LLC bought a new stake in Freeport-McMoRan during the 3rd quarter worth $28,000. Webster Bank N. A. grew its position in shares of Freeport-McMoRan by 6,469.2% in the 4th quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock valued at $36,000 after buying an additional 841 shares during the last quarter. CVA Family Office LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter valued at about $38,000. Finally, Orion Capital Management LLC bought a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at about $40,000. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

FCX has been the subject of several analyst reports. HSBC increased their price objective on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research note on Tuesday. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a research report on Tuesday, April 9th. Bernstein Bank increased their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research report on Tuesday. Scotiabank increased their price objective on Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a report on Tuesday, April 9th. Finally, Raymond James raised their price target on Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a report on Thursday, January 4th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $49.15.

Freeport-McMoRan Price Performance

NYSE FCX traded down $0.96 during trading hours on Tuesday, reaching $47.99. 19,433,469 shares of the stock traded hands, compared to its average volume of 13,933,710. The stock has a 50 day simple moving average of $43.80 and a two-hundred day simple moving average of $40.06. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $52.42. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.42 and a quick ratio of 1.38. The company has a market cap of $68.84 billion, a price-to-earnings ratio of 37.64, a price-to-earnings-growth ratio of 2.28 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. The firm had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The company’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.52 earnings per share. On average, analysts predict that Freeport-McMoRan Inc. will post 1.57 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be issued a $0.15 dividend. The ex-dividend date is Friday, April 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.25%. Freeport-McMoRan’s dividend payout ratio is currently 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.