Zurcher Kantonalbank Zurich Cantonalbank Has $20.02 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 470,254 shares of the natural resource company’s stock after purchasing an additional 29,158 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Freeport-McMoRan were worth $20,019,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Lipe & Dalton acquired a new position in shares of Freeport-McMoRan during the fourth quarter valued at about $170,000. Wealth Alliance raised its holdings in shares of Freeport-McMoRan by 17.2% during the fourth quarter. Wealth Alliance now owns 13,933 shares of the natural resource company’s stock valued at $593,000 after purchasing an additional 2,042 shares during the period. Eads & Heald Wealth Management raised its holdings in shares of Freeport-McMoRan by 23.1% in the 4th quarter. Eads & Heald Wealth Management now owns 16,152 shares of the natural resource company’s stock worth $688,000 after acquiring an additional 3,028 shares during the last quarter. Sentry Investment Management LLC raised its holdings in shares of Freeport-McMoRan by 149.0% in the 4th quarter. Sentry Investment Management LLC now owns 20,516 shares of the natural resource company’s stock worth $873,000 after acquiring an additional 12,276 shares during the last quarter. Finally, Mackenzie Financial Corp raised its holdings in shares of Freeport-McMoRan by 4.0% in the 4th quarter. Mackenzie Financial Corp now owns 1,312,240 shares of the natural resource company’s stock worth $55,862,000 after acquiring an additional 50,947 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on FCX. Raymond James upped their target price on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a report on Thursday, January 4th. Scotiabank upped their target price on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a report on Tuesday, April 9th. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 target price on shares of Freeport-McMoRan in a report on Thursday, January 25th. JPMorgan Chase & Co. upped their target price on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $41.00 to $48.50 in a report on Monday, January 8th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $47.54.

Freeport-McMoRan Stock Up 0.8 %

Freeport-McMoRan stock opened at $49.81 on Thursday. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $52.42. The firm has a 50 day moving average price of $43.08 and a 200-day moving average price of $39.75. The company has a market capitalization of $71.45 billion, a P/E ratio of 39.22, a P/E/G ratio of 2.23 and a beta of 2.04. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.04. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The firm had revenue of $5.91 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same period in the prior year, the firm earned $0.52 EPS. The company’s revenue was up 2.6% compared to the same quarter last year. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.6 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is currently 23.62%.

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.