RiverFront Investment Group LLC Purchases 907 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

RiverFront Investment Group LLC lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 7.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,907 shares of the natural resource company’s stock after acquiring an additional 907 shares during the quarter. RiverFront Investment Group LLC’s holdings in Freeport-McMoRan were worth $491,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Freeport-McMoRan by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company’s stock worth $4,692,191,000 after purchasing an additional 642,776 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Freeport-McMoRan by 1.9% in the third 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. lifted its stake 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 acquiring an additional 2,366,187 shares during the last quarter. Amundi boosted its holdings in Freeport-McMoRan by 30.2% during the 4th quarter. Amundi now owns 21,580,960 shares of the natural resource company’s stock valued at $857,305,000 after acquiring an additional 5,001,531 shares during the period. Finally, Mountaineer Partners Management LLC grew its position in 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 valued at $595,702,000 after acquiring an additional 11,687,982 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 4.0 %

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

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. On average, research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal 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. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.56%. Freeport-McMoRan’s payout ratio is currently 23.26%.

Analysts Set New Price Targets

FCX has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a research report on Thursday, March 6th. JPMorgan Chase & Co. raised shares of Freeport-McMoRan from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $48.00 to $52.00 in a research note on Thursday, March 20th. BMO Capital Markets lowered their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Finally, Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average 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.