Zions Bancorporation N.A. Raises Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Zions Bancorporation N.A. lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 13.3% in the 4th quarter, HoldingsChannel reports. The firm owned 6,488 shares of the natural resource company’s stock after buying an additional 762 shares during the quarter. Zions Bancorporation N.A.’s holdings in Freeport-McMoRan were worth $247,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Asset Planning Inc bought a new stake in Freeport-McMoRan during the 4th quarter valued at approximately $25,000. Vision Financial Markets LLC purchased a new position in shares of Freeport-McMoRan in the 4th quarter valued at approximately $27,000. Laurel Wealth Advisors LLC boosted its position in shares of Freeport-McMoRan by 487.8% during the fourth 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. Roxbury Financial LLC purchased a new stake in Freeport-McMoRan in the fourth quarter worth $28,000. Finally, Continuum Advisory LLC raised its holdings in Freeport-McMoRan by 46.8% in the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 236 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on FCX shares. Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. JPMorgan Chase & Co. raised shares of Freeport-McMoRan from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $48.00 to $52.00 in a research note on Thursday, March 20th. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a research note on Thursday, March 6th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, March 20th. Finally, Jefferies Financial Group raised Freeport-McMoRan from a “hold” rating to a “buy” rating and raised their price objective for the company from $40.00 to $48.00 in a research report on Thursday, February 27th. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average price target of $52.04.

Freeport-McMoRan Trading Down 3.6 %

Freeport-McMoRan stock opened at $41.48 on Thursday. Freeport-McMoRan Inc. has a one year low of $33.98 and a one year high of $55.24. The business’s fifty day moving average is $38.18 and its 200 day moving average is $41.99. The stock has a market capitalization of $59.61 billion, a PE ratio of 32.15, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (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%. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.45%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 23.26%.

Freeport-McMoRan Company 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.