Malaga Cove Capital LLC Raises Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Malaga Cove Capital LLC boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 18.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 54,493 shares of the natural resource company’s stock after purchasing an additional 8,593 shares during the quarter. Malaga Cove Capital LLC’s holdings in Freeport-McMoRan were worth $2,075,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Coppell Advisory Solutions LLC boosted its position in Freeport-McMoRan by 47.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company’s stock worth $32,000 after purchasing an additional 268 shares in the last quarter. PFG Investments LLC boosted its position in Freeport-McMoRan by 1.3% during the fourth quarter. PFG Investments LLC now owns 22,910 shares of the natural resource company’s stock worth $872,000 after purchasing an additional 283 shares in the last quarter. Palogic Value Management L.P. boosted its position in Freeport-McMoRan by 1.5% during the fourth quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company’s stock worth $772,000 after purchasing an additional 292 shares in the last quarter. SeaCrest Wealth Management LLC raised its holdings in shares of Freeport-McMoRan by 1.6% during the fourth quarter. SeaCrest Wealth Management LLC now owns 19,104 shares of the natural resource company’s stock valued at $727,000 after acquiring an additional 307 shares during the last quarter. Finally, CIBC Private Wealth Group LLC raised its holdings in shares of Freeport-McMoRan by 0.9% during the fourth quarter. CIBC Private Wealth Group LLC now owns 36,514 shares of the natural resource company’s stock valued at $1,451,000 after acquiring an additional 309 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FCX. Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Wolfe Research raised Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 target price for the company in a report on Wednesday, April 16th. Raymond James reissued an “outperform” rating and set a $52.00 target price on shares of Freeport-McMoRan in a report on Friday, April 25th. JPMorgan Chase & Co. reduced their target price on Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Finally, Dbs Bank raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Five equities 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 stock. Based on data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $48.09.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $39.47 on Wednesday. The stock has a market cap of $56.72 billion, a PE ratio of 30.60, a P/E/G ratio of 0.87 and a beta of 1.65. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The stock has a 50 day moving average price of $36.35 and a 200 day moving average price of $39.07.

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

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 15th were given a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.52%. Freeport-McMoRan’s payout ratio is 24.79%.

Freeport-McMoRan Company 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.