Rosenberg Matthew Hamilton Raises Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Rosenberg Matthew Hamilton increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 19.7% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 3,116 shares of the natural resource company’s stock after acquiring an additional 513 shares during the quarter. Rosenberg Matthew Hamilton’s holdings in Freeport-McMoRan were worth $119,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mountaineer Partners Management LLC grew its stake in Freeport-McMoRan by 4,767.8% in the third quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock worth $595,702,000 after purchasing an additional 11,687,982 shares in the last quarter. Franklin Resources Inc. raised its position in Freeport-McMoRan by 9.5% during 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 purchasing an additional 2,366,187 shares in the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of Freeport-McMoRan by 423.5% in the 3rd quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock worth $139,183,000 after buying an additional 2,255,529 shares during the period. Fisher Asset Management LLC grew its position in shares of 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 buying an additional 1,392,494 shares in the last quarter. Finally, International Assets Investment Management LLC increased its stake in shares of Freeport-McMoRan by 5,249.5% during the third quarter. International Assets Investment Management LLC now owns 1,341,335 shares of the natural resource company’s stock valued at $66,959,000 after buying an additional 1,316,261 shares during the period. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Morgan Stanley lowered their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Scotiabank lowered their target price on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a report on Monday, January 6th. Finally, Raymond James lifted their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $52.96.

Freeport-McMoRan Stock Up 0.2 %

Freeport-McMoRan stock opened at $39.47 on Wednesday. Freeport-McMoRan Inc. has a 1-year low of $36.26 and a 1-year high of $55.24. The business has a fifty day moving average price of $41.83 and a 200-day moving average price of $44.53. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The stock has a market capitalization of $56.72 billion, a price-to-earnings ratio of 28.81, a PEG ratio of 2.90 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share 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 during the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter last year, the company earned $0.39 earnings per share. The company’s quarterly revenue was up 16.6% on a year-over-year basis. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.49 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Wednesday, January 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend is Wednesday, January 15th. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

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.