Harbor Capital Advisors Inc. Acquires 1,266 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Harbor Capital Advisors Inc. raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 2.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 51,697 shares of the natural resource company’s stock after buying an additional 1,266 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Freeport-McMoRan were worth $1,969,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of FCX. Mountaineer Partners Management LLC lifted its position in shares of Freeport-McMoRan by 4,767.8% during the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock valued at $595,702,000 after acquiring an additional 11,687,982 shares during the period. Franklin Resources Inc. raised its holdings in shares of Freeport-McMoRan by 9.5% during the third quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock valued at $1,348,522,000 after purchasing an additional 2,366,187 shares during the period. Los Angeles Capital Management LLC boosted its position in shares of Freeport-McMoRan by 423.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock worth $139,183,000 after purchasing an additional 2,255,529 shares in the last quarter. Capital Wealth Planning LLC grew its stake in shares of Freeport-McMoRan by 34.9% in the 2nd quarter. Capital Wealth Planning LLC now owns 5,943,074 shares of the natural resource company’s stock valued at $288,833,000 after buying an additional 1,538,560 shares during the period. Finally, Fisher Asset Management LLC increased its position in Freeport-McMoRan by 2.4% in the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock valued at $2,965,717,000 after buying an additional 1,392,494 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on FCX shares. Jefferies Financial Group cut their price target on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. JPMorgan Chase & Co. upped their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Raymond James lifted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Finally, Scotiabank dropped their price target on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research report on Monday, January 6th. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $52.96.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $38.99 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The firm has a market cap of $56.03 billion, a price-to-earnings ratio of 28.46, a P/E/G ratio of 2.90 and a beta of 1.87. Freeport-McMoRan Inc. has a 52 week low of $36.26 and a 52 week high of $55.24. The firm’s 50-day simple moving average is $41.96 and its two-hundred day simple moving average is $44.62.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period last year, the business posted $0.39 earnings per share. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 1.49 earnings per share for the current year.

Freeport-McMoRan Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be given a $0.15 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.54%. This is a positive change from Freeport-McMoRan’s previous quarterly dividend of $0.08. Freeport-McMoRan’s payout ratio is 21.90%.

Freeport-McMoRan 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.