Neville Rodie & Shaw Inc. Raises Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Neville Rodie & Shaw Inc. increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 23.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,951 shares of the natural resource company’s stock after buying an additional 3,000 shares during the quarter. Neville Rodie & Shaw Inc.’s holdings in Freeport-McMoRan were worth $607,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Larson Financial Group LLC lifted its position in shares of Freeport-McMoRan by 168.4% during the 2nd quarter. Larson Financial Group LLC now owns 1,965 shares of the natural resource company’s stock valued at $96,000 after acquiring an additional 1,233 shares during the period. Victory Capital Management Inc. lifted its position in shares of Freeport-McMoRan by 0.3% during the 2nd quarter. Victory Capital Management Inc. now owns 597,473 shares of the natural resource company’s stock valued at $29,037,000 after acquiring an additional 1,610 shares during the period. Farmers & Merchants Investments Inc. raised its position in shares of Freeport-McMoRan by 123.2% during the 2nd quarter. Farmers & Merchants Investments Inc. now owns 2,120 shares of the natural resource company’s stock worth $103,000 after purchasing an additional 1,170 shares during the last quarter. New York Life Investment Management LLC grew its stake in Freeport-McMoRan by 1.1% in the 2nd quarter. New York Life Investment Management LLC now owns 219,350 shares of the natural resource company’s stock worth $10,660,000 after acquiring an additional 2,467 shares during the period. Finally, Private Advisor Group LLC grew its stake in Freeport-McMoRan by 3.8% in the 2nd quarter. Private Advisor Group LLC now owns 76,473 shares of the natural resource company’s stock worth $3,717,000 after acquiring an additional 2,805 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX traded up $1.63 on Monday, hitting $39.34. 7,173,633 shares of the company’s stock were exchanged, compared to its average volume of 8,541,226. The firm has a market cap of $56.53 billion, a PE ratio of 28.72, a P/E/G ratio of 3.00 and a beta of 1.87. Freeport-McMoRan Inc. has a twelve month low of $36.26 and a twelve month high of $55.24. The stock has a fifty day moving average of $42.64 and a two-hundred day moving average of $44.96. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Freeport-McMoRan’s quarterly revenue was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.39 earnings per share. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.49 earnings per share for the current fiscal year.

Freeport-McMoRan Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Wednesday, January 15th will be given a $0.15 dividend. This is an increase from Freeport-McMoRan’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, January 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.53%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Wall Street Analysts Forecast Growth

Several analysts have commented on FCX shares. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Jefferies Financial Group lowered their price objective on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a research note on Monday. Raymond James boosted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Morgan Stanley decreased their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. Finally, JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average target price of $53.46.

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.