Geode Capital Management LLC Purchases 688,240 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Geode Capital Management LLC grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,579,298 shares of the natural resource company’s stock after buying an additional 688,240 shares during the quarter. Geode Capital Management LLC’s holdings in Freeport-McMoRan were worth $1,122,922,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of FCX. Asset Planning Inc bought a new position in shares of Freeport-McMoRan in the fourth quarter valued at about $25,000. Vision Financial Markets LLC bought a new position in Freeport-McMoRan in the 4th quarter valued at $27,000. Laurel Wealth Advisors LLC increased its stake in shares of Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after buying an additional 600 shares during the period. Roxbury Financial LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter valued at $28,000. Finally, Kohmann Bosshard Financial Services LLC bought a new position in Freeport-McMoRan in the fourth quarter valued at about $29,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 0.6 %

FCX stock opened at $38.09 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The stock has a market capitalization of $54.74 billion, a P/E ratio of 29.53, a P/E/G ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a fifty-two week low of $33.98 and a fifty-two week high of $55.24. The business has a 50-day moving average of $38.05 and a 200-day moving average of $41.92.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.58%. Freeport-McMoRan’s payout ratio is currently 23.26%.

Analyst Ratings Changes

FCX has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a report on Thursday, March 6th. BMO Capital Markets reduced their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Argus downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Finally, StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Monday. Five analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $52.04.

Freeport-McMoRan Profile

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.