Investment Management Corp of Ontario Acquires 36,681 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Investment Management Corp of Ontario lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 77.0% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 84,344 shares of the natural resource company’s stock after acquiring an additional 36,681 shares during the period. Investment Management Corp of Ontario’s holdings in Freeport-McMoRan were worth $3,212,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Principal Financial Group Inc. lifted its holdings in Freeport-McMoRan by 4.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,684,393 shares of the natural resource company’s stock valued at $84,085,000 after purchasing an additional 66,699 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Freeport-McMoRan by 1.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 160,920 shares of the natural resource company’s stock valued at $6,128,000 after purchasing an additional 2,503 shares during the last quarter. Harbor Capital Advisors Inc. lifted its holdings in Freeport-McMoRan by 2.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 51,697 shares of the natural resource company’s stock valued at $1,969,000 after purchasing an additional 1,266 shares during the last quarter. Czech National Bank lifted its holdings in Freeport-McMoRan by 6.4% during the 4th quarter. Czech National Bank now owns 311,555 shares of the natural resource company’s stock valued at $11,864,000 after purchasing an additional 18,852 shares during the last quarter. Finally, Matrix Trust Co lifted its holdings in Freeport-McMoRan by 785.5% during the 4th quarter. Matrix Trust Co now owns 4,463 shares of the natural resource company’s stock valued at $170,000 after purchasing an additional 3,959 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Up 0.7%

Shares of NYSE:FCX opened at $37.76 on Monday. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $55.24. The company has a 50 day moving average of $36.29 and a 200-day moving average of $39.12. 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 stock has a market cap of $54.26 billion, a price-to-earnings ratio of 29.27, a P/E/G ratio of 0.87 and a beta of 1.65.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The company had revenue of $5.73 billion during the quarter, compared to analysts’ expectations of $5.36 billion. During the same quarter in the previous year, the company earned $0.32 EPS. Freeport-McMoRan’s revenue was down 9.4% on a year-over-year basis. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.59%. The ex-dividend date of this dividend was Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio is 24.79%.

Analysts Set New Price Targets

FCX has been the subject of several analyst reports. Dbs Bank raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a report on Thursday, March 6th. Wolfe Research raised shares of Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 price target for the company in a report on Wednesday, April 16th. UBS Group lowered their price objective on shares of Freeport-McMoRan from $52.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Finally, Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $48.09.

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.