Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,753,571 shares of the natural resource company’s stock after acquiring an additional 109,422 shares during the quarter. Renaissance Technologies LLC owned approximately 0.12% of Freeport-McMoRan worth $66,776,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Asset Planning Inc purchased a new stake in Freeport-McMoRan during the fourth quarter worth approximately $25,000. Mizuho Bank Ltd. purchased a new position in Freeport-McMoRan during the fourth quarter worth about $26,000. Vision Financial Markets LLC acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $27,000. Laurel Wealth Advisors LLC grew its stake in Freeport-McMoRan by 487.8% during the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 600 shares in the last quarter. Finally, Roxbury Financial LLC bought a new position in Freeport-McMoRan during the 4th quarter worth approximately $28,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. JPMorgan Chase & Co. raised Freeport-McMoRan from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $48.00 to $52.00 in a report on Thursday, March 20th. Dbs Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Raymond James increased their price objective on shares of Freeport-McMoRan from $49.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, April 4th. Finally, Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $50.65.

Freeport-McMoRan Trading Up 15.7 %

NYSE:FCX opened at $33.80 on Thursday. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $55.24. The stock has a market capitalization of $48.57 billion, a price-to-earnings ratio of 26.20, a PEG ratio of 0.87 and a beta of 1.71. The stock has a fifty day moving average price of $37.25 and a two-hundred day moving average price of $41.28. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42.

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

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be given a $0.15 dividend. The ex-dividend date is Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.78%. Freeport-McMoRan’s dividend payout ratio (DPR) 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.