Calamos Advisors LLC increased its position in Freeport-McMoRan Inc (NYSE:FCX) by 133.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,152,907 shares of the natural resource company’s stock after purchasing an additional 658,214 shares during the period. Calamos Advisors LLC owned approximately 0.08% of Freeport-McMoRan worth $15,126,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the stock. Allred Capital Management LLC purchased a new position in Freeport-McMoRan in the 4th quarter worth about $28,000. AdvisorNet Financial Inc raised its position in Freeport-McMoRan by 908.6% in the 3rd quarter. AdvisorNet Financial Inc now owns 3,036 shares of the natural resource company’s stock worth $29,000 after buying an additional 2,735 shares during the last quarter. Venturi Wealth Management LLC purchased a new position in Freeport-McMoRan in the 3rd quarter worth about $30,000. Citizens Financial Group Inc RI raised its position in Freeport-McMoRan by 6,082.1% in the 3rd quarter. Citizens Financial Group Inc RI now owns 3,462 shares of the natural resource company’s stock worth $33,000 after buying an additional 3,406 shares during the last quarter. Finally, Doyle Wealth Management purchased a new position in Freeport-McMoRan in the 2nd quarter worth about $42,000. Institutional investors own 71.11% of the company’s stock.
FCX has been the subject of a number of recent analyst reports. BMO Capital Markets raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $12.00 to $17.00 in a research report on Tuesday, December 17th. Morgan Stanley reaffirmed an “overweight” rating and set a $13.30 price target on shares of Freeport-McMoRan in a research report on Thursday, November 7th. Raymond James set a $11.50 price target on shares of Freeport-McMoRan and gave the company a “market perform” rating in a research report on Friday, November 29th. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $14.00 price target for the company in a research report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Freeport-McMoRan from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $13.48.
NYSE FCX opened at $12.98 on Thursday. Freeport-McMoRan Inc has a 52 week low of $8.43 and a 52 week high of $14.68. The firm has a market capitalization of $19.17 billion, a P/E ratio of 8.54 and a beta of 2.51. The company has a quick ratio of 1.16, a current ratio of 2.47 and a debt-to-equity ratio of 0.57. The company has a 50-day moving average price of $12.57 and a 200-day moving average price of $10.84.
Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Wednesday, October 23rd. The natural resource company reported ($0.01) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.01). Freeport-McMoRan had a negative net margin of 0.22% and a positive return on equity of 0.91%. The firm had revenue of $3.31 billion during the quarter, compared to analyst estimates of $3.49 billion. During the same quarter in the prior year, the firm earned $0.35 EPS. The business’s revenue for the quarter was down 32.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Freeport-McMoRan Inc will post 0.01 EPS for the current year.
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 dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend is Tuesday, January 14th. Freeport-McMoRan’s payout ratio is currently 13.16%.
Freeport-McMoRan Company Profile
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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