Carnegie Investment Counsel Has $1.88 Million Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Carnegie Investment Counsel raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 5.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 49,280 shares of the natural resource company’s stock after acquiring an additional 2,404 shares during the period. Carnegie Investment Counsel’s holdings in Freeport-McMoRan were worth $1,877,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of FCX. Fisher Asset Management LLC increased its position in Freeport-McMoRan by 2.4% during the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after purchasing an additional 1,392,494 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Freeport-McMoRan by 1.9% during the third quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock worth $1,436,455,000 after buying an additional 529,099 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Freeport-McMoRan by 9.5% in the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock valued at $1,348,522,000 after acquiring an additional 2,366,187 shares during the last quarter. Mountaineer Partners Management LLC boosted its holdings in shares of Freeport-McMoRan by 4,767.8% during the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock valued at $595,702,000 after acquiring an additional 11,687,982 shares in the last quarter. Finally, Legal & General Group Plc grew its position in Freeport-McMoRan by 0.5% during the 2nd quarter. Legal & General Group Plc now owns 10,343,109 shares of the natural resource company’s stock worth $502,675,000 after acquiring an additional 56,499 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 0.6 %

NYSE FCX opened at $40.27 on Friday. The stock has a market capitalization of $57.86 billion, a P/E ratio of 29.39, a P/E/G ratio of 2.13 and a beta of 1.87. The business has a 50 day simple moving average of $41.25 and a 200 day simple moving average of $44.34. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. Freeport-McMoRan Inc. has a one year low of $36.26 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.01. The company had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Freeport-McMoRan’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.39 EPS. Research analysts expect that Freeport-McMoRan Inc. will post 1.46 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.49%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

Analyst Ratings Changes

Several research firms have commented on FCX. JPMorgan Chase & Co. dropped their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research report on Thursday. Raymond James lifted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Scotiabank decreased their price target on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a research report on Monday, January 6th. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Finally, StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $52.42.

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.