Sycomore Asset Management Purchases New Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Sycomore Asset Management purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 78,376 shares of the natural resource company’s stock, valued at approximately $3,386,000.

Other institutional investors have also recently added to or reduced their stakes in the company. CM Management LLC increased its position in Freeport-McMoRan by 80.0% in the 3rd quarter. CM Management LLC now owns 36,000 shares of the natural resource company’s stock valued at $1,342,000 after acquiring an additional 16,000 shares during the period. Signature Estate & Investment Advisors LLC increased its position in Freeport-McMoRan by 6.4% in the 4th quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock valued at $14,726,000 after acquiring an additional 20,894 shares during the period. Charles Schwab Investment Management Inc. increased its position in Freeport-McMoRan by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock valued at $279,977,000 after acquiring an additional 102,466 shares during the period. Cadinha & Co. LLC increased its position in Freeport-McMoRan by 59.0% in the 4th quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock valued at $27,572,000 after acquiring an additional 240,340 shares during the period. Finally, Alphinity Investment Management Pty Ltd increased its position in Freeport-McMoRan by 57.4% in the 3rd quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock valued at $201,039,000 after acquiring an additional 1,965,987 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on FCX shares. Scotiabank dropped their target price on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. dropped their target price on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a research report on Wednesday. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $41.00 to $48.50 in a research report on Monday, January 8th. Bernstein Bank boosted their target price on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 target price on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $49.77.

Freeport-McMoRan Price Performance

FCX stock traded up $0.25 on Wednesday, reaching $48.24. The company had a trading volume of 11,808,498 shares, compared to its average volume of 13,907,176. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $52.42. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. The company’s fifty day moving average is $44.02 and its 200 day moving average is $40.14. The company has a market cap of $69.20 billion, a P/E ratio of 37.98, a PEG ratio of 2.25 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The firm had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same quarter in the prior year, the company earned $0.52 EPS. Freeport-McMoRan’s revenue was up 17.3% on a year-over-year basis. On average, research analysts forecast that Freeport-McMoRan Inc. will post 1.57 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.24%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 23.62%.

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.