Tamar Securities LLC Increases Stock Holdings in Freeport-McMoRan Inc. $FCX

Tamar Securities LLC grew its position in Freeport-McMoRan Inc. (NYSE:FCX) by 6.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 496,712 shares of the natural resource company’s stock after purchasing an additional 30,684 shares during the period. Freeport-McMoRan makes up 2.7% of Tamar Securities LLC’s holdings, making the stock its 15th biggest position. Tamar Securities LLC’s holdings in Freeport-McMoRan were worth $25,228,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also made changes to their positions in FCX. Vanguard Personalized Indexing Management LLC increased its position in Freeport-McMoRan by 7.3% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 160,022 shares of the natural resource company’s stock worth $8,128,000 after purchasing an additional 10,842 shares in the last quarter. Panagora Asset Management Inc. increased its position in Freeport-McMoRan by 39.3% during the 4th quarter. Panagora Asset Management Inc. now owns 2,870,856 shares of the natural resource company’s stock worth $145,811,000 after purchasing an additional 810,537 shares in the last quarter. Perryman Financial Advisory Inc. AD purchased a new stake in Freeport-McMoRan during the 4th quarter worth about $1,893,000. Seven Mile Advisory purchased a new stake in Freeport-McMoRan during the 4th quarter worth about $233,000. Finally, MML Investors Services LLC increased its position in Freeport-McMoRan by 25.9% during the 4th quarter. MML Investors Services LLC now owns 313,600 shares of the natural resource company’s stock worth $15,928,000 after purchasing an additional 64,513 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of recent research reports. Morgan Stanley reiterated an “equal weight” rating and set a $66.00 price objective (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. UBS Group lifted their price target on Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Wells Fargo & Company lowered their price target on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Raymond James Financial lowered their price target on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a report on Friday, April 24th. Finally, Freedom Capital upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Saturday, February 21st. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $66.86.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $68.28 on Monday. The firm has a market capitalization of $98.15 billion, a P/E ratio of 36.32, a P/E/G ratio of 0.82 and a beta of 1.35. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.09. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The business’s 50-day simple moving average is $64.24 and its 200-day simple moving average is $59.18.

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

Freeport-McMoRan Announces Dividend

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

About Freeport-McMoRan

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.