Homestead Advisers Corp Has $57.92 Million Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Homestead Advisers Corp raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,521,100 shares of the natural resource company’s stock after buying an additional 57,500 shares during the quarter. Homestead Advisers Corp’s holdings in Freeport-McMoRan were worth $57,923,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in FCX. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Freeport-McMoRan by 240.1% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 80,000 shares of the natural resource company’s stock valued at $3,994,000 after purchasing an additional 56,475 shares during the period. Great Valley Advisor Group Inc. bought a new position in Freeport-McMoRan in the 3rd quarter valued at $282,000. Cerity Partners LLC boosted its stake in Freeport-McMoRan by 66.1% in the third quarter. Cerity Partners LLC now owns 176,102 shares of the natural resource company’s stock worth $8,791,000 after purchasing an additional 70,097 shares in the last quarter. Larson Financial Group LLC grew its holdings in shares of Freeport-McMoRan by 14.6% during the third quarter. Larson Financial Group LLC now owns 2,252 shares of the natural resource company’s stock worth $112,000 after purchasing an additional 287 shares during the last quarter. Finally, Summit Trail Advisors LLC increased its stake in shares of Freeport-McMoRan by 24.7% in the third quarter. Summit Trail Advisors LLC now owns 11,254 shares of the natural resource company’s stock valued at $562,000 after buying an additional 2,226 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on FCX. Jefferies Financial Group raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their price objective for the stock from $40.00 to $48.00 in a report on Thursday, February 27th. JPMorgan Chase & Co. raised shares of Freeport-McMoRan from a “neutral” rating to an “overweight” rating and raised their price target for the company from $48.00 to $52.00 in a report on Thursday, March 20th. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Finally, Scotiabank decreased their price target on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a report on Friday, January 24th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $52.04.

Freeport-McMoRan Stock Down 3.6 %

Shares of Freeport-McMoRan stock opened at $41.48 on Thursday. The company has a market capitalization of $59.61 billion, a P/E ratio of 32.15, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87. 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 business has a 50-day moving average of $38.18 and a two-hundred day moving average of $41.99. Freeport-McMoRan Inc. has a 1 year low of $33.98 and a 1 year 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 the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.45%. Freeport-McMoRan’s dividend payout ratio is currently 23.26%.

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.