Calamos Advisors LLC Buys 658,214 Shares of Freeport-McMoRan Inc (NYSE:FCX)

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Calamos Advisors LLC increased its stake in Freeport-McMoRan Inc (NYSE:FCX) by 133.1% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,152,907 shares of the natural resource company’s stock after acquiring an additional 658,214 shares during the period. Calamos Advisors LLC’s holdings in Freeport-McMoRan were worth $15,126,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of FCX. Legacy Capital Partners Inc. increased its stake in Freeport-McMoRan by 1.9% in the fourth quarter. Legacy Capital Partners Inc. now owns 40,820 shares of the natural resource company’s stock worth $536,000 after purchasing an additional 780 shares during the period. IHT Wealth Management LLC increased its stake in Freeport-McMoRan by 6.4% in the third quarter. IHT Wealth Management LLC now owns 20,387 shares of the natural resource company’s stock worth $195,000 after purchasing an additional 1,229 shares during the period. FinTrust Capital Advisors LLC increased its stake in Freeport-McMoRan by 27.5% in the third quarter. FinTrust Capital Advisors LLC now owns 6,313 shares of the natural resource company’s stock worth $60,000 after purchasing an additional 1,361 shares during the period. State of Michigan Retirement System increased its stake in Freeport-McMoRan by 0.4% in the third quarter. State of Michigan Retirement System now owns 348,823 shares of the natural resource company’s stock worth $3,338,000 after purchasing an additional 1,500 shares during the period. Finally, United Capital Financial Advisers LLC increased its stake in Freeport-McMoRan by 4.0% in the second quarter. United Capital Financial Advisers LLC now owns 42,131 shares of the natural resource company’s stock worth $489,000 after purchasing an additional 1,602 shares during the period. Institutional investors own 71.11% of the company’s stock.

A number of analysts have weighed in on the company. BMO Capital Markets upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $12.00 to $17.00 in a research note on Tuesday, December 17th. Raymond James set a $11.50 target price on Freeport-McMoRan and gave the stock a “market perform” rating in a research note on Friday, November 29th. Credit Suisse Group lowered Freeport-McMoRan from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $11.00 to $10.00 in a research note on Tuesday. They noted that the move was a valuation call. B. Riley increased their target price on Freeport-McMoRan from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Finally, UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $13.00 to $12.00 in a research note on Thursday, October 10th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $13.48.

Shares of Freeport-McMoRan stock opened at $12.98 on Thursday. The firm has a market cap of $19.17 billion, a P/E ratio of 8.54 and a beta of 2.51. The company has a current ratio of 2.47, a quick ratio of 1.16 and a debt-to-equity ratio of 0.57. Freeport-McMoRan Inc has a 12 month low of $8.43 and a 12 month high of $14.68. The stock’s fifty day moving average price is $12.57 and its 200-day moving average price is $10.84.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, October 23rd. The natural resource company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). The firm had revenue of $3.31 billion for the quarter, compared to analyst estimates of $3.49 billion. Freeport-McMoRan had a positive return on equity of 0.91% and a negative net margin of 0.22%. The business’s revenue for the quarter was down 32.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.35 earnings per share. Analysts forecast that Freeport-McMoRan Inc will post 0.01 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be paid a dividend of $0.05 per share. The ex-dividend date is Tuesday, January 14th. This represents a $0.20 annualized dividend and a dividend yield of 1.54%. Freeport-McMoRan’s dividend payout ratio is currently 13.16%.

Freeport-McMoRan Profile

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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