Summit Financial LLC Acquires 2,038 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Summit Financial LLC lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 4.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 50,658 shares of the natural resource company’s stock after acquiring an additional 2,038 shares during the quarter. Summit Financial LLC’s holdings in Freeport-McMoRan were worth $1,929,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Continuum Advisory LLC lifted its stake in Freeport-McMoRan by 46.8% in the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 236 shares during the last quarter. PFG Investments LLC grew its stake in shares of Freeport-McMoRan by 1.3% during the fourth quarter. PFG Investments LLC now owns 22,910 shares of the natural resource company’s stock valued at $872,000 after buying an additional 283 shares during the last quarter. Palogic Value Management L.P. increased its holdings in shares of Freeport-McMoRan by 1.5% in the fourth quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company’s stock worth $772,000 after buying an additional 292 shares during the period. SeaCrest Wealth Management LLC lifted its stake in shares of Freeport-McMoRan by 1.6% in the 4th quarter. SeaCrest Wealth Management LLC now owns 19,104 shares of the natural resource company’s stock valued at $727,000 after acquiring an additional 307 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its holdings in Freeport-McMoRan by 0.9% during the 4th quarter. CIBC Private Wealth Group LLC now owns 36,514 shares of the natural resource company’s stock valued at $1,451,000 after acquiring an additional 309 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 0.6 %

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

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

Freeport-McMoRan Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have commented on FCX. Jefferies Financial Group raised Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price target for the stock from $40.00 to $48.00 in a research note on Thursday, February 27th. Scotiabank decreased their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Friday, January 24th. StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Monday. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a report on Thursday, March 6th. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.04.

Freeport-McMoRan Company 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.