Harbor Advisors LLC Takes Position in Freeport-McMoRan Inc. (NYSE:FCX)

Harbor Advisors LLC acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, HoldingsChannel reports. The fund acquired 5,000 shares of the natural resource company’s stock, valued at approximately $213,000.

Other institutional investors also recently bought and sold shares of the company. Bruce G. Allen Investments LLC acquired a new stake in Freeport-McMoRan in the 4th quarter worth about $27,000. BluePath Capital Management LLC purchased a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at approximately $28,000. Webster Bank N. A. raised its position in shares of Freeport-McMoRan by 6,469.2% during the 4th quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock valued at $36,000 after buying an additional 841 shares during the period. CVA Family Office LLC purchased a new stake in shares of Freeport-McMoRan during the 4th quarter valued at approximately $38,000. Finally, Venturi Wealth Management LLC raised its position in shares of Freeport-McMoRan by 122.5% during the 4th quarter. Venturi Wealth Management LLC now owns 930 shares of the natural resource company’s stock valued at $40,000 after buying an additional 512 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

NYSE FCX traded down $0.96 during trading hours on Tuesday, hitting $47.99. 19,433,469 shares of the stock were exchanged, compared to its average volume of 13,933,710. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32. The stock has a 50-day moving average of $43.80 and a 200 day moving average of $40.06. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $52.42. The company has a market cap of $68.84 billion, a price-to-earnings ratio of 37.64, a price-to-earnings-growth ratio of 2.28 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.05. The company had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.52 earnings per share. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.57 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.25%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s payout ratio is 23.62%.

Wall Street Analyst Weigh In

Several analysts have recently commented on FCX shares. Bernstein Bank lifted their price target on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research report on Tuesday. JPMorgan Chase & Co. lifted their price target on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Wednesday, April 17th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price target on shares of Freeport-McMoRan in a research report on Thursday, January 25th. HSBC lifted their target price on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a report on Tuesday. Finally, Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $41.00 to $48.50 in a report on Monday, January 8th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $49.15.

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.