Mraz Amerine & Associates Inc. boosted its stake in Freeport-McMoRan Inc (NYSE:FCX) by 29.0% in the first quarter, HoldingsChannel reports. The firm owned 14,256 shares of the natural resource company’s stock after purchasing an additional 3,202 shares during the quarter. Mraz Amerine & Associates Inc.’s holdings in Freeport-McMoRan were worth $184,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of FCX. Cambridge Investment Research Advisors Inc. raised its stake in Freeport-McMoRan by 3.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 188,107 shares of the natural resource company’s stock worth $2,425,000 after acquiring an additional 5,769 shares in the last quarter. National Asset Management Inc. bought a new stake in shares of Freeport-McMoRan during the first quarter worth about $138,000. Keybank National Association OH grew its holdings in shares of Freeport-McMoRan by 16.1% during the first quarter. Keybank National Association OH now owns 430,468 shares of the natural resource company’s stock worth $5,548,000 after purchasing an additional 59,707 shares during the last quarter. Iron Financial LLC grew its holdings in shares of Freeport-McMoRan by 26.8% during the first quarter. Iron Financial LLC now owns 16,848 shares of the natural resource company’s stock worth $217,000 after purchasing an additional 3,557 shares during the last quarter. Finally, TD Asset Management Inc. grew its holdings in shares of Freeport-McMoRan by 2.7% during the first quarter. TD Asset Management Inc. now owns 507,890 shares of the natural resource company’s stock worth $6,547,000 after purchasing an additional 13,589 shares during the last quarter. 69.28% of the stock is owned by institutional investors and hedge funds.
Several analysts have recently weighed in on the company. Zacks Investment Research upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a report on Monday, April 8th. UBS Group set a $14.00 price target on Freeport-McMoRan and gave the stock a “hold” rating in a report on Friday, April 5th. Barclays boosted their price target on Freeport-McMoRan from $11.00 to $12.00 and gave the stock an “underweight” rating in a report on Tuesday, April 9th. Raymond James restated a “market perform” rating and set a $14.00 price target on shares of Freeport-McMoRan in a report on Friday, April 26th. Finally, BMO Capital Markets set a $14.00 price target on Freeport-McMoRan and gave the stock a “hold” rating in a report on Friday, April 26th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $15.01.
Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, April 25th. The natural resource company reported $0.05 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.03). Freeport-McMoRan had a net margin of 9.09% and a return on equity of 10.31%. The company had revenue of $3.79 billion during the quarter, compared to the consensus estimate of $3.77 billion. During the same quarter in the previous year, the company earned $0.46 earnings per share. The business’s revenue was down 22.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc will post 0.46 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 2.01%. The ex-dividend date was Friday, April 12th. Freeport-McMoRan’s payout ratio is presently 13.16%.
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Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
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