Avanza Fonder AB Invests $5.77 Million in Freeport-McMoRan Inc. (NYSE:FCX)

Avanza Fonder AB acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 151,628 shares of the natural resource company’s stock, valued at approximately $5,774,000.

Other hedge funds also recently bought and sold shares of the company. Matrix Trust Co purchased a new stake in Freeport-McMoRan during the third quarter valued at about $25,000. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at about $27,000. Laurel Wealth Advisors LLC boosted its holdings in Freeport-McMoRan by 487.8% during the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 600 shares during the period. Godsey & Gibb Inc. grew its position in Freeport-McMoRan by 150.4% during the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 346 shares during the last quarter. Finally, Continuum Advisory LLC increased its stake in Freeport-McMoRan by 46.8% in the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 236 shares during the period. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on FCX shares. JPMorgan Chase & Co. cut their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday. Scotiabank cut their price objective on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a report on Monday, January 6th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Raymond James increased their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Jefferies Financial Group decreased their target price on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $52.42.

Freeport-McMoRan Trading Up 0.2 %

Shares of Freeport-McMoRan stock opened at $40.12 on Friday. Freeport-McMoRan Inc. has a 1-year low of $36.26 and a 1-year high of $55.24. The company’s fifty day simple moving average is $41.37 and its 200-day simple moving average is $44.40. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The stock has a market capitalization of $57.65 billion, a PE ratio of 29.29, a P/E/G ratio of 2.13 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.01. The company had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. Freeport-McMoRan’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.39 earnings per share. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.46 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be given a dividend of $0.15 per share. The ex-dividend date is Wednesday, January 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.50%. Freeport-McMoRan’s payout ratio is 21.90%.

Freeport-McMoRan 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.