Hazlett Burt & Watson Inc. Buys 440 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Hazlett Burt & Watson Inc. lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 32.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,786 shares of the natural resource company’s stock after purchasing an additional 440 shares during the quarter. Hazlett Burt & Watson Inc.’s holdings in Freeport-McMoRan were worth $68,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Caisse DE Depot ET Placement DU Quebec bought a new stake in shares of Freeport-McMoRan during the third quarter valued at approximately $36,300,000. Erste Asset Management GmbH bought a new stake in Freeport-McMoRan during the 3rd quarter valued at $3,233,000. FSA Wealth Management LLC acquired a new position in Freeport-McMoRan during the third quarter worth $46,000. Kestra Investment Management LLC bought a new position in shares of Freeport-McMoRan in the third quarter valued at $619,000. Finally, Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of Freeport-McMoRan by 1,206.8% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 13,055 shares of the natural resource company’s stock valued at $652,000 after buying an additional 12,056 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently weighed in on FCX shares. Jefferies Financial Group raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and raised their price target for the company from $40.00 to $48.00 in a research report on Thursday, February 27th. Scotiabank cut their target price on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research report on Friday, January 24th. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Monday. BMO Capital Markets cut their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Finally, JPMorgan Chase & Co. upgraded shares of Freeport-McMoRan from a “neutral” rating to an “overweight” rating and increased their target price for the company from $48.00 to $52.00 in a report on Thursday, March 20th. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $52.04.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $37.85 on Tuesday. The business’s 50 day simple moving average is $38.09 and its 200 day simple moving average is $41.95. Freeport-McMoRan Inc. has a 12 month low of $33.98 and a 12 month high of $55.24. The company has a market cap of $54.39 billion, a price-to-earnings ratio of 29.34, a PEG ratio of 0.87 and a beta of 1.87. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.59%. Freeport-McMoRan’s payout ratio is 23.26%.

Freeport-McMoRan 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.