Fiduciary Alliance LLC Acquires 2,228 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Fiduciary Alliance LLC raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 1.1% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 205,312 shares of the natural resource company’s stock after acquiring an additional 2,228 shares during the quarter. Fiduciary Alliance LLC’s holdings in Freeport-McMoRan were worth $7,818,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of FCX. Sanctuary Advisors LLC grew its position in shares of Freeport-McMoRan by 9.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock worth $8,219,000 after buying an additional 14,501 shares in the last quarter. Easterly Investment Partners LLC raised its stake in Freeport-McMoRan by 137.5% in the third quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock valued at $7,375,000 after buying an additional 85,542 shares during the last quarter. Summit Global Investments raised its stake in Freeport-McMoRan by 1,559.3% in the third quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock valued at $3,819,000 after buying an additional 71,883 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Freeport-McMoRan in the third quarter valued at about $754,000. Finally, AIA Group Ltd raised its stake in Freeport-McMoRan by 16.2% in the third quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock valued at $4,604,000 after buying an additional 12,887 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of FCX traded up $0.18 on Monday, reaching $39.16. The stock had a trading volume of 1,297,939 shares, compared to its average volume of 11,644,799. The firm has a market capitalization of $56.27 billion, a PE ratio of 28.58, a PEG ratio of 2.90 and a beta of 1.87. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average of $41.96 and a 200 day moving average of $44.59. Freeport-McMoRan Inc. has a twelve month low of $36.26 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter last year, the firm earned $0.39 earnings per share. The business’s revenue was up 16.6% on a year-over-year basis. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.49 EPS for the current year.

Freeport-McMoRan Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, January 15th. This is an increase from Freeport-McMoRan’s previous quarterly dividend of $0.08. This represents a $0.60 annualized dividend and a dividend yield of 1.53%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.90%.

Analyst Upgrades and Downgrades

A number of research firms have commented on FCX. Raymond James increased their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Scotiabank reduced their price objective on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a research note on Monday, January 6th. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. raised their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $52.96.

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.