Recurrent Investment Advisors LLC Has $2.71 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Recurrent Investment Advisors LLC raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 77.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 71,263 shares of the natural resource company’s stock after buying an additional 31,023 shares during the quarter. Freeport-McMoRan accounts for 0.2% of Recurrent Investment Advisors LLC’s portfolio, making the stock its 27th largest position. Recurrent Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $2,714,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the company. Asset Planning Inc purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth $25,000. Mizuho Bank Ltd. bought a new position in shares of Freeport-McMoRan during the 4th quarter valued at $26,000. Vision Financial Markets LLC acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at $27,000. Laurel Wealth Advisors LLC boosted its holdings in Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 600 shares in the last quarter. Finally, Roxbury Financial LLC acquired a new position in Freeport-McMoRan during the fourth quarter worth $28,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Down 1.5%

FCX opened at $38.89 on Thursday. The company has a market capitalization of $55.89 billion, a P/E ratio of 30.15, a P/E/G ratio of 0.87 and a beta of 1.65. 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 firm’s fifty day moving average price is $36.39 and its two-hundred day moving average price is $39.07. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $55.24.

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

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were paid a $0.15 dividend. The ex-dividend date was Tuesday, April 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.54%. Freeport-McMoRan’s dividend payout ratio is currently 24.79%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on FCX shares. Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Jefferies Financial Group reaffirmed a “buy” rating and set a $50.00 price objective (up from $48.00) on shares of Freeport-McMoRan in a report on Friday, April 25th. Hsbc Global Res upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, April 14th. BMO Capital Markets cut their target price on shares of 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, Dbs Bank raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.36.

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.