CIBC Asset Management Inc Increases Position in Freeport-McMoRan Inc. $FCX

CIBC Asset Management Inc boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 67.3% during the fourth quarter, Holdings Channel reports. The fund owned 344,047 shares of the natural resource company’s stock after acquiring an additional 138,409 shares during the period. CIBC Asset Management Inc’s holdings in Freeport-McMoRan were worth $17,474,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. KBC Group NV grew its position in Freeport-McMoRan by 49.0% during the fourth quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock valued at $11,267,000 after acquiring an additional 73,002 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $8,857,000. Wellington Management Group LLP boosted its stake in shares of Freeport-McMoRan by 190.9% in the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after purchasing an additional 23,950,557 shares in the last quarter. Dynamic Technology Lab Private Ltd boosted its stake in shares of Freeport-McMoRan by 426.3% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 81,892 shares of the natural resource company’s stock valued at $3,212,000 after purchasing an additional 66,331 shares in the last quarter. Finally, Powszechne Towarzystwo Emerytalne Allianz Polska S.A. grew its holdings in shares of Freeport-McMoRan by 175.4% during the 4th quarter. Powszechne Towarzystwo Emerytalne Allianz Polska S.A. now owns 1,379,760 shares of the natural resource company’s stock valued at $70,078,000 after purchasing an additional 878,760 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $69.81 on Friday. The company’s fifty day simple moving average is $63.35 and its two-hundred day simple moving average is $58.14. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.09. The firm has a market cap of $100.35 billion, a PE ratio of 37.13, a price-to-earnings-growth ratio of 0.85 and a beta of 1.35. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.47 by $0.10. The firm had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.24 earnings per share. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were issued a $0.075 dividend. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 annualized dividend and a yield of 0.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is 15.96%.

Analysts Set New Price Targets

FCX has been the subject of several recent research reports. Bank of America boosted their price target on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Weiss Ratings raised Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, May 22nd. Raymond James Financial lowered their target price on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research note on Friday, April 24th. The Goldman Sachs Group increased their target price on Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $66.04.

Freeport-McMoRan Company Profile

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.