Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Procyon Advisors LLC

Procyon Advisors LLC boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 6.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 23,350 shares of the natural resource company’s stock after acquiring an additional 1,335 shares during the quarter. Procyon Advisors LLC’s holdings in Freeport-McMoRan were worth $994,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in FCX. Fairfield Bush & CO. purchased a new position in Freeport-McMoRan in the first quarter valued at about $26,000. Bruce G. Allen Investments LLC purchased a new stake in Freeport-McMoRan in the 4th quarter worth approximately $27,000. KB Financial Partners LLC purchased a new stake in Freeport-McMoRan in the 1st quarter worth approximately $26,000. Retirement Group LLC grew its stake in Freeport-McMoRan by 97.1% in the 2nd quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock worth $27,000 after acquiring an additional 330 shares during the period. Finally, Thomas J. Herzfeld Advisors Inc. acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at $29,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

FCX has been the topic of a number of research analyst reports. UBS Group decreased their price target on shares of Freeport-McMoRan from $42.00 to $41.00 and set a “neutral” rating on the stock in a report on Wednesday, December 13th. Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $41.00 to $48.50 in a report on Monday, January 8th. Morgan Stanley reduced their target price on shares of Freeport-McMoRan from $41.00 to $40.00 and set an “equal weight” rating on the stock in a report on Thursday, December 7th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a report on Thursday, January 25th. Finally, Eight Capital set a $55.00 price objective on shares of Freeport-McMoRan and gave the stock a “buy” rating in a report on Wednesday, December 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $44.95.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock traded up $0.49 during midday trading on Thursday, reaching $46.37. 2,892,995 shares of the stock traded hands, compared to its average volume of 12,697,157. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32. The firm has a fifty day moving average price of $40.08 and a two-hundred day moving average price of $38.62. The firm has a market cap of $66.51 billion, a price-to-earnings ratio of 36.14 and a beta of 2.02. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $46.62.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04. The company had revenue of $5.91 billion during the quarter, compared to analyst estimates of $5.85 billion. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.52 EPS. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.53 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.29%. 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.