127,547 Shares in Freeport-McMoRan Inc. $FCX Acquired by Myriad Asset Management Advisors LLC

Myriad Asset Management Advisors LLC purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 127,547 shares of the natural resource company’s stock, valued at approximately $6,478,000. Freeport-McMoRan accounts for approximately 2.0% of Myriad Asset Management Advisors LLC’s holdings, making the stock its 13th largest position.

A number of other large investors have also made changes to their positions in FCX. Brighton Jones LLC increased its position in shares of Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after purchasing an additional 2,882 shares in the last quarter. Bison Wealth LLC increased its position in shares of Freeport-McMoRan by 5.6% during the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 507 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Freeport-McMoRan during the second quarter worth $560,000. Brown Advisory Inc. increased its position in shares of Freeport-McMoRan by 27.0% during the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock worth $539,000 after purchasing an additional 2,648 shares in the last quarter. Finally, Jump Financial LLC increased its position in shares of Freeport-McMoRan by 42.7% during the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock worth $2,172,000 after purchasing an additional 14,992 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $62.18 on Thursday. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.09. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The firm has a market cap of $89.39 billion, a price-to-earnings ratio of 33.08, a PEG ratio of 0.77 and a beta of 1.35. The firm’s fifty day moving average is $63.95 and its two-hundred day moving average is $58.80.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same period in the prior year, the company earned $0.24 earnings per share. The firm’s revenue was up 8.8% on a year-over-year basis. Research analysts expect that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio is presently 15.96%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on FCX shares. Barclays assumed coverage on Freeport-McMoRan in a research report on Thursday, May 21st. They set an “overweight” rating and a $77.00 price target on the stock. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. Wells Fargo & Company cut their target price on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, April 24th. Sanford C. Bernstein upped their target price on Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research report on Wednesday. Finally, BNP Paribas Exane cut their target price on Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 28th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.72.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.