Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 38.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 16,273,162 shares of the natural resource company’s stock after acquiring an additional 4,488,210 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Freeport-McMoRan were worth $619,682,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Asset Planning Inc purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $25,000. Vision Financial Markets LLC purchased a new position in Freeport-McMoRan during the fourth quarter worth about $27,000. Laurel Wealth Advisors LLC boosted its holdings in Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 600 shares in the last quarter. Roxbury Financial LLC acquired a new position in Freeport-McMoRan during the 4th quarter worth approximately $28,000. Finally, Continuum Advisory LLC raised its stake in shares of Freeport-McMoRan by 46.8% during the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after buying an additional 236 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $38.36 on Friday. Freeport-McMoRan Inc. has a 1 year low of $33.98 and a 1 year high of $55.24. The company’s 50 day simple moving average is $38.14 and its 200 day simple moving average is $41.97. The company has a market capitalization of $55.13 billion, a price-to-earnings ratio of 29.74, a PEG ratio of 0.87 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date is Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio is currently 23.26%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. BMO Capital Markets lowered their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a report on Thursday, March 6th. Finally, Dbs Bank raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.04.

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.