Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by abrdn plc

abrdn plc increased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 83.7% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 664,672 shares of the natural resource company’s stock after purchasing an additional 302,762 shares during the period. abrdn plc’s holdings in Freeport-McMoRan were worth $28,295,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Fulton Bank N.A. grew its stake in Freeport-McMoRan by 2.6% in the fourth quarter. Fulton Bank N.A. now owns 10,606 shares of the natural resource company’s stock worth $451,000 after purchasing an additional 267 shares in the last quarter. Drive Wealth Management LLC boosted its stake in Freeport-McMoRan by 2.8% in the fourth quarter. Drive Wealth Management LLC now owns 9,840 shares of the natural resource company’s stock valued at $419,000 after acquiring an additional 267 shares during the period. Sound Income Strategies LLC boosted its stake in Freeport-McMoRan by 38.8% in the fourth quarter. Sound Income Strategies LLC now owns 965 shares of the natural resource company’s stock valued at $41,000 after acquiring an additional 270 shares during the period. PFG Investments LLC boosted its stake in Freeport-McMoRan by 1.7% in the fourth quarter. PFG Investments LLC now owns 16,844 shares of the natural resource company’s stock valued at $717,000 after acquiring an additional 285 shares during the period. Finally, Oarsman Capital Inc. boosted its stake in Freeport-McMoRan by 0.7% in the third quarter. Oarsman Capital Inc. now owns 45,869 shares of the natural resource company’s stock valued at $1,710,000 after acquiring an additional 304 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Sanford C. Bernstein upgraded 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 research note on Monday, January 8th. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price for the company in a research note on Tuesday, April 9th. Raymond James lifted their target price on Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research note on Thursday, January 4th. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 target price on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Finally, JPMorgan Chase & Co. boosted their price objective on Freeport-McMoRan from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 17th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average target price of $49.23.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $48.98 on Tuesday. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $52.42. The stock has a market cap of $70.26 billion, a price-to-earnings ratio of 38.57, a PEG ratio of 2.28 and a beta of 2.04. The stock’s 50 day moving average price is $43.80 and its 200 day moving average price is $40.06. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.42 and a quick ratio of 1.38.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, January 24th. The natural resource company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.23 by $0.04. The firm had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $5.85 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.52 earnings per share. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.57 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.22%. Freeport-McMoRan’s dividend payout ratio is currently 23.62%.

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.