Brooklyn Investment Group Raises Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Brooklyn Investment Group lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 7.0% in the fourth quarter, Holdings Channel reports. The firm owned 6,041 shares of the natural resource company’s stock after acquiring an additional 396 shares during the period. Brooklyn Investment Group’s holdings in Freeport-McMoRan were worth $230,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in FCX. Acadian Asset Management LLC purchased a new position in shares of Freeport-McMoRan during the second quarter worth approximately $99,000. Blair William & Co. IL boosted its stake in Freeport-McMoRan by 30.3% during the 2nd quarter. Blair William & Co. IL now owns 79,394 shares of the natural resource company’s stock worth $3,859,000 after purchasing an additional 18,461 shares during the period. Ieq Capital LLC grew its position in Freeport-McMoRan by 11.6% during the 2nd quarter. Ieq Capital LLC now owns 60,822 shares of the natural resource company’s stock worth $2,956,000 after purchasing an additional 6,312 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in Freeport-McMoRan by 14.2% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 42,665 shares of the natural resource company’s stock valued at $2,074,000 after purchasing an additional 5,316 shares during the period. Finally, Bridges Investment Management Inc. purchased a new stake in shares of Freeport-McMoRan in the second quarter valued at about $292,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 0.6 %

FCX opened at $40.27 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The company has a market cap of $57.86 billion, a price-to-earnings ratio of 29.39, a PEG ratio of 2.13 and a beta of 1.87. Freeport-McMoRan Inc. has a one year low of $36.26 and a one year high of $55.24. The business’s fifty day moving average is $41.25 and its two-hundred day moving average is $44.31.

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

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be given a $0.15 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.49%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Analysts Set New Price Targets

Several brokerages recently issued reports on FCX. JPMorgan Chase & Co. dropped their price target on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research report on Thursday. Raymond James boosted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, Scotiabank lowered their target price 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. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $52.42.

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.