Evelyn Partners Investment Management LLP Boosts Stake in Freeport-McMoRan Inc. $FCX

Evelyn Partners Investment Management LLP boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 5.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 349,543 shares of the natural resource company’s stock after buying an additional 19,325 shares during the quarter. Evelyn Partners Investment Management LLP’s holdings in Freeport-McMoRan were worth $17,753,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Ariadne Wealth Management LP acquired a new position in Freeport-McMoRan in the 4th quarter valued at $298,000. Brown Advisory Inc. raised its holdings in Freeport-McMoRan by 20.0% in the 4th quarter. Brown Advisory Inc. now owns 24,355 shares of the natural resource company’s stock valued at $1,237,000 after acquiring an additional 4,065 shares during the last quarter. Bornite Capital Management LP acquired a new position in Freeport-McMoRan in the 4th quarter valued at $25,395,000. Adams Diversified Equity Fund Inc. raised its holdings in Freeport-McMoRan by 51.3% in the 4th quarter. Adams Diversified Equity Fund Inc. now owns 301,700 shares of the natural resource company’s stock valued at $15,323,000 after acquiring an additional 102,300 shares during the last quarter. Finally, Adams Natural Resources Fund Inc. raised its holdings in Freeport-McMoRan by 5.0% in the 4th quarter. Adams Natural Resources Fund Inc. now owns 233,200 shares of the natural resource company’s stock valued at $11,844,000 after acquiring an additional 11,000 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in 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 report on Thursday, May 21st. Morgan Stanley restated an “equal weight” rating and set a $66.00 price objective (down from $70.00) on shares of Freeport-McMoRan in a report on Friday, April 24th. Freedom Capital upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Saturday, February 21st. Sanford C. Bernstein upped their price objective on Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a report on Wednesday. Finally, Jefferies Financial Group upped their price objective on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average target price of $66.86.

Freeport-McMoRan Stock Up 2.9%

Shares of NYSE FCX opened at $68.28 on Friday. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.09. The company has a market cap of $98.15 billion, a P/E ratio of 36.32, a P/E/G ratio of 0.82 and a beta of 1.35. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The stock has a fifty day moving average price of $64.24 and a 200 day moving average price of $59.05.

Freeport-McMoRan (NYSE:FCX) last announced 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 firm had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the prior year, the firm earned $0.24 EPS. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. Research analysts anticipate that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal 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 issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.4%. The ex-dividend date was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio is currently 15.96%.

Freeport-McMoRan Company Profile

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.