Private Wealth Partners LLC Acquires 17,034 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Private Wealth Partners LLC raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 208,528 shares of the natural resource company’s stock after acquiring an additional 17,034 shares during the quarter. Private Wealth Partners LLC’s holdings in Freeport-McMoRan were worth $8,877,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Bruce G. Allen Investments LLC bought a new position in shares of Freeport-McMoRan in the fourth quarter valued at $27,000. BluePath Capital Management LLC bought a new position in shares of Freeport-McMoRan in the third quarter valued at $28,000. Webster Bank N. A. grew its stake in shares of Freeport-McMoRan by 6,469.2% in the fourth 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 in the last quarter. CVA Family Office LLC bought a new position in shares of Freeport-McMoRan in the fourth quarter valued at $38,000. Finally, Orion Capital Management LLC bought a new position in shares of Freeport-McMoRan in the third quarter valued at $40,000. 80.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

FCX has been the subject of several analyst reports. Bernstein Bank raised their target price on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday, April 23rd. Raymond James lifted their price objective on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a research report on Wednesday. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $41.00 to $48.50 in a research report on Monday, January 8th. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a research report on Tuesday, April 9th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.07.

Freeport-McMoRan Trading Up 2.2 %

Shares of NYSE:FCX traded up $1.10 during midday trading on Friday, hitting $50.50. 19,037,059 shares of the stock were exchanged, compared to its average volume of 16,097,275. The stock has a market capitalization of $72.44 billion, a price-to-earnings ratio of 44.69, a P/E/G ratio of 8.18 and a beta of 2.04. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.38 and a current ratio of 2.35. The business’s 50-day moving average price is $44.70 and its 200 day moving average price is $40.38. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $52.42.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The company had revenue of $6.32 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the previous year, the business posted $0.52 earnings per share. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. Analysts predict that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.19%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s payout ratio is presently 26.55%.

Freeport-McMoRan Company 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.