World Investment Advisors Purchases 13,359 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

World Investment Advisors grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 270.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 18,291 shares of the natural resource company’s stock after buying an additional 13,359 shares during the quarter. World Investment Advisors’ holdings in Freeport-McMoRan were worth $697,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. Private Portfolio Partners LLC increased its holdings in shares of Freeport-McMoRan by 15.8% during the fourth quarter. Private Portfolio Partners LLC now owns 16,341 shares of the natural resource company’s stock worth $622,000 after purchasing an additional 2,225 shares during the period. Headlands Technologies LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at $2,768,000. Geode Capital Management LLC grew its holdings in shares of Freeport-McMoRan by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 29,579,298 shares of the natural resource company’s stock worth $1,122,922,000 after purchasing an additional 688,240 shares in the last quarter. StoneX Group Inc. raised its stake in Freeport-McMoRan by 11.4% in the fourth quarter. StoneX Group Inc. now owns 25,467 shares of the natural resource company’s stock valued at $970,000 after purchasing an additional 2,601 shares in the last quarter. Finally, Meridian Investment Counsel Inc. increased its holdings in Freeport-McMoRan by 3.0% in the 4th quarter. Meridian Investment Counsel Inc. now owns 24,015 shares of the natural resource company’s stock valued at $914,000 after buying an additional 700 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Down 13.0 %

Freeport-McMoRan stock opened at $29.14 on Monday. Freeport-McMoRan Inc. has a 1-year low of $27.25 and a 1-year high of $55.24. The firm has a market capitalization of $41.88 billion, a price-to-earnings ratio of 22.59, a price-to-earnings-growth ratio of 0.87 and a beta of 1.71. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The firm’s fifty day moving average price is $37.75 and its two-hundred day moving average price is $41.71.

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

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $0.60 annualized dividend and a dividend yield of 2.06%. Freeport-McMoRan’s dividend payout ratio is currently 23.26%.

Analyst Ratings Changes

Several brokerages have commented on FCX. StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Monday, March 31st. Jefferies Financial Group raised Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their target price for the stock from $40.00 to $48.00 in a report on Thursday, February 27th. Scotiabank dropped their price target on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research note on Friday, January 24th. Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Finally, Raymond James increased their price objective on shares of Freeport-McMoRan from $49.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday. 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 stock. According to MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average target price of $51.61.

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.