Procyon Advisors LLC Buys 6,200 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Procyon Advisors LLC raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 19.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 37,690 shares of the natural resource company’s stock after purchasing an additional 6,200 shares during the quarter. Procyon Advisors LLC’s holdings in Freeport-McMoRan were worth $1,435,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Matrix Trust Co purchased a new position in shares of Freeport-McMoRan in the third quarter worth $25,000. University of Texas Texas AM Investment Management Co. purchased a new stake in Freeport-McMoRan during the 2nd quarter valued at $27,000. Godsey & Gibb Inc. grew its holdings in Freeport-McMoRan by 150.4% in the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 346 shares during the last quarter. Laurel Wealth Advisors LLC increased its position in shares of Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 600 shares during the period. Finally, Continuum Advisory LLC increased its position in shares of Freeport-McMoRan by 46.8% in the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after acquiring an additional 236 shares during the period. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on FCX shares. Scotiabank dropped their target price on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a report on Monday, January 6th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Raymond James boosted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. cut their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $52.42.

Freeport-McMoRan Stock Up 0.6 %

NYSE:FCX opened at $40.27 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The firm’s 50-day moving average price is $41.25 and its 200-day moving average price is $44.34. The company has a market capitalization of $57.86 billion, a PE ratio of 29.39, a P/E/G ratio of 2.13 and a beta of 1.87. Freeport-McMoRan Inc. has a 1-year low of $36.26 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter in the prior year, the company earned $0.39 earnings per share. The business’s revenue was up 16.6% compared to the same quarter last year. On average, equities analysts predict that Freeport-McMoRan Inc. will post 1.46 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Wednesday, January 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date is Wednesday, January 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

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.