Gabelli Funds LLC Has $46.90 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Gabelli Funds LLC trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,231,508 shares of the natural resource company’s stock after selling 7,600 shares during the period. Gabelli Funds LLC’s holdings in Freeport-McMoRan were worth $46,896,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Asset Planning Inc acquired a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $25,000. Mizuho Bank Ltd. bought a new position in shares of Freeport-McMoRan during the fourth quarter valued at about $26,000. Vision Financial Markets LLC bought a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $27,000. Laurel Wealth Advisors LLC boosted its position 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 during the last quarter. Finally, Roxbury Financial LLC purchased a new position in shares of Freeport-McMoRan in the 4th quarter worth about $28,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Trading Up 1.0 %

NYSE:FCX opened at $33.69 on Tuesday. The firm has a market capitalization of $48.41 billion, a price-to-earnings ratio of 26.12, a price-to-earnings-growth ratio of 0.87 and a beta of 1.71. 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 business has a fifty day moving average price of $37.04 and a 200-day moving average price of $40.86. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.78%. The ex-dividend date of this dividend is Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 23.26%.

Analyst Ratings Changes

A number of analysts have issued reports on FCX shares. Raymond James raised their target price on Freeport-McMoRan from $49.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, April 4th. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Scotiabank reduced their target price on Freeport-McMoRan from $45.00 to $40.00 and set a “sector perform” rating for the company in a report on Monday, April 7th. Finally, BMO Capital Markets cut their price objective 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. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.88.

About Freeport-McMoRan

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.