Cibc World Market Inc. Acquires 126,229 Shares of Freeport-McMoRan Inc. $FCX

Cibc World Market Inc. lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 44.0% during the fourth quarter, HoldingsChannel reports. The firm owned 412,827 shares of the natural resource company’s stock after acquiring an additional 126,229 shares during the quarter. Cibc World Market Inc.’s holdings in Freeport-McMoRan were worth $20,967,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in FCX. Intellectus Partners LLC grew its holdings in shares of Freeport-McMoRan by 1.4% during the 4th quarter. Intellectus Partners LLC now owns 73,602 shares of the natural resource company’s stock worth $3,738,000 after purchasing an additional 984 shares in the last quarter. Sivia Capital Partners LLC boosted its stake in shares of Freeport-McMoRan by 117.5% during the fourth quarter. Sivia Capital Partners LLC now owns 28,346 shares of the natural resource company’s stock valued at $1,440,000 after purchasing an additional 15,312 shares in the last quarter. Lido Advisors LLC boosted its stake in shares of Freeport-McMoRan by 6.2% during the fourth quarter. Lido Advisors LLC now owns 60,355 shares of the natural resource company’s stock valued at $3,065,000 after purchasing an additional 3,513 shares in the last quarter. CIBC Asset Management Inc boosted its stake in shares of Freeport-McMoRan by 67.3% during the fourth quarter. CIBC Asset Management Inc now owns 344,047 shares of the natural resource company’s stock valued at $17,474,000 after purchasing an additional 138,409 shares in the last quarter. Finally, Marble Wealth LLC bought a new position in shares of Freeport-McMoRan during the fourth quarter worth about $621,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $63.37 on Friday. The company has a market cap of $91.10 billion, a price-to-earnings ratio of 33.71, a P/E/G ratio of 0.84 and a beta of 1.35. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.09. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The business’s fifty day simple moving average is $63.48 and its two-hundred day simple moving average is $58.17.

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 analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same period last year, the firm earned $0.24 earnings per share. The business’s quarterly revenue was up 8.8% on a year-over-year basis. Research analysts anticipate that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of research analyst reports. Morgan Stanley reiterated an “equal weight” rating and issued a $66.00 target price (down from $70.00) on shares of Freeport-McMoRan in a report on Friday, April 24th. Freedom Capital raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Saturday, February 21st. UBS Group boosted their price objective on Freeport-McMoRan from $74.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Argus upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Friday, February 13th. Finally, Wells Fargo & Company decreased their price objective on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.04.

Freeport-McMoRan Company 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.