Strs Ohio grew its stake in shares of Freeport-McMoRan Inc (NYSE:FCX) by 7.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 72,560 shares of the natural resource company’s stock after purchasing an additional 5,082 shares during the quarter. Strs Ohio’s holdings in Freeport-McMoRan were worth $935,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the business. Rational Advisors LLC acquired a new position in Freeport-McMoRan in the fourth quarter valued at approximately $26,000. Lindbrook Capital LLC acquired a new position in Freeport-McMoRan in the fourth quarter valued at approximately $28,000. JOYN Advisors Inc. boosted its stake in Freeport-McMoRan by 141.1% in the fourth quarter. JOYN Advisors Inc. now owns 2,806 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 1,642 shares during the period. Athena Capital Advisors LLC acquired a new position in Freeport-McMoRan in the fourth quarter valued at approximately $30,000. Finally, Truvestments Capital LLC acquired a new position in Freeport-McMoRan in the first quarter valued at approximately $43,000. Institutional investors own 69.28% of the company’s stock.
A number of equities analysts have commented on the company. Zacks Investment Research upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a research note on Monday, April 8th. Raymond James reiterated a “market perform” rating and set a $14.00 price objective on shares of Freeport-McMoRan in a research report on Friday, April 26th. ValuEngine downgraded Freeport-McMoRan from a “hold” rating to a “sell” rating in a research report on Thursday. BMO Capital Markets set a $14.00 price objective on Freeport-McMoRan and gave the stock a “hold” rating in a research report on Friday, April 26th. Finally, Barclays boosted their price objective on Freeport-McMoRan from $11.00 to $12.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 9th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $15.01.
FCX traded up $0.13 during trading on Friday, reaching $10.08. The stock had a trading volume of 15,097,295 shares, compared to its average volume of 22,474,446. The company has a market capitalization of $14.46 billion, a price-to-earnings ratio of 6.63 and a beta of 2.21. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.79 and a quick ratio of 1.41. Freeport-McMoRan Inc has a 1-year low of $9.60 and a 1-year high of $18.38.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, April 25th. The natural resource company reported $0.05 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.03). The company had revenue of $3.79 billion during the quarter, compared to the consensus estimate of $3.77 billion. Freeport-McMoRan had a net margin of 9.09% and a return on equity of 10.31%. Freeport-McMoRan’s quarterly revenue was down 22.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.46 EPS. Equities analysts expect that Freeport-McMoRan Inc will post 0.46 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were issued a $0.05 dividend. The ex-dividend date of this dividend was Friday, April 12th. This represents a $0.20 annualized dividend and a dividend yield of 1.98%. Freeport-McMoRan’s dividend payout ratio is currently 13.16%.
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Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
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