Mirador Capital Partners LP Has $2.65 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Mirador Capital Partners LP raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.6% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 69,472 shares of the natural resource company’s stock after purchasing an additional 1,090 shares during the quarter. Mirador Capital Partners LP’s holdings in Freeport-McMoRan were worth $2,646,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. 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 during the period. Geode Capital Management LLC grew its position in shares of Freeport-McMoRan by 1.9% during the 3rd 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 during the period. Franklin Resources Inc. grew its position in shares of 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 worth $1,348,522,000 after buying an additional 2,366,187 shares during the period. Mountaineer Partners Management LLC lifted its holdings in shares of Freeport-McMoRan by 4,767.8% in the 3rd 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. Finally, Legal & General Group Plc raised its holdings in Freeport-McMoRan by 0.5% during the second quarter. Legal & General Group Plc now owns 10,343,109 shares of the natural resource company’s stock worth $502,675,000 after buying an additional 56,499 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on FCX shares. Scotiabank lowered their price objective on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a report on Monday, January 6th. Jefferies Financial Group decreased their price objective on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a report on Monday, January 6th. JPMorgan Chase & Co. decreased their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday. Morgan Stanley decreased their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Finally, Raymond James raised their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $52.42.

Freeport-McMoRan Price Performance

FCX stock opened at $40.34 on Thursday. The firm has a 50 day moving average of $41.54 and a 200-day moving average of $44.43. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12 month low of $36.26 and a 12 month high of $55.24. The firm has a market capitalization of $57.97 billion, a P/E ratio of 29.45, a price-to-earnings-growth ratio of 2.13 and a beta of 1.87.

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

Freeport-McMoRan Announces Dividend

The company 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 $0.15 dividend. 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 currently 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.