Freeport-McMoRan Inc. (NYSE:FCX) Stock Holdings Increased by Geode Capital Management LLC

Geode Capital Management LLC boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.4% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 29,579,298 shares of the natural resource company’s stock after purchasing an additional 688,240 shares during the period. Geode Capital Management LLC owned about 2.06% of Freeport-McMoRan worth $1,122,922,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Freeport-McMoRan by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company’s stock valued at $4,692,191,000 after acquiring an additional 642,776 shares in the last quarter. Franklin Resources Inc. grew its stake in Freeport-McMoRan by 8.0% in the fourth quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company’s stock valued at $1,123,445,000 after purchasing an additional 2,191,926 shares in the last quarter. Amundi increased its position in Freeport-McMoRan by 30.2% in the 4th quarter. Amundi now owns 21,580,960 shares of the natural resource company’s stock worth $857,305,000 after purchasing an additional 5,001,531 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Freeport-McMoRan by 38.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company’s stock worth $619,682,000 after purchasing an additional 4,488,210 shares in the last quarter. Finally, Mountaineer Partners Management LLC lifted its holdings in shares of Freeport-McMoRan by 4,767.8% during 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 buying an additional 11,687,982 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock 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 lifted their price objective for the company from $48.00 to $52.00 in a research note on Thursday, March 20th. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. BMO Capital Markets reduced their price target on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. Finally, StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Monday. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $52.04.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $38.09 on Wednesday. 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 company has a market cap of $54.74 billion, a PE ratio of 29.53, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87. The firm has a fifty day moving average price of $38.05 and a two-hundred day moving average price of $41.92. Freeport-McMoRan Inc. has a fifty-two week low of $33.98 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share 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%. Analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, 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 1.58%. The ex-dividend date is Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio is presently 23.26%.

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.