Freeport-McMoRan Inc. $FCX Shares Acquired by Harvest Fund Management Co. Ltd

by · The Markets Daily

Harvest Fund Management Co. Ltd boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 22,520.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 12,215 shares of the natural resource company’s stock after purchasing an additional 12,161 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Freeport-McMoRan were worth $620,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FCX. JPL Wealth Management LLC acquired a new position in Freeport-McMoRan during the third quarter worth $33,000. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $38,000. Key Financial Inc grew its position in shares of Freeport-McMoRan by 32.3% in the fourth quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock valued at $42,000 after purchasing an additional 202 shares during the period. Laurel Wealth Advisors LLC purchased a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $43,000. Finally, YANKCOM Partnership grew its position in Freeport-McMoRan by 83.3% during the fourth quarter. YANKCOM Partnership now owns 869 shares of the natural resource company’s stock valued at $44,000 after acquiring an additional 395 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on FCX. UBS Group boosted their price target on Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, May 22nd. Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. CICC Research reduced their price objective on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. Finally, Raymond James Financial dropped their price target on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $66.04.

Get Our Latest Report on FCX

Freeport-McMoRan Trading Down 9.1%

NYSE:FCX opened at $63.37 on Friday. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.09. The stock has a market cap of $91.10 billion, a price-to-earnings ratio of 33.71, a PEG ratio of 0.84 and a beta of 1.35. The business has a fifty day moving average of $63.48 and a 200-day moving average of $58.17. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same period last year, the firm earned $0.24 EPS. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. Equities analysts predict that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 15.96%.

Freeport-McMoRan Profile

(Free Report)

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

Further Reading

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