Mackenzie Financial Corp Raises Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Mackenzie Financial Corp grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,312,240 shares of the natural resource company’s stock after purchasing an additional 50,947 shares during the period. Mackenzie Financial Corp owned approximately 0.09% of Freeport-McMoRan worth $55,862,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Fairfield Bush & CO. bought a new stake in Freeport-McMoRan during the first quarter worth approximately $26,000. Synovus Financial Corp increased its stake in Freeport-McMoRan by 15.2% during the first quarter. Synovus Financial Corp now owns 11,101 shares of the natural resource company’s stock worth $553,000 after acquiring an additional 1,468 shares during the last quarter. Blair William & Co. IL increased its stake in Freeport-McMoRan by 40.8% during the first quarter. Blair William & Co. IL now owns 112,066 shares of the natural resource company’s stock worth $5,574,000 after acquiring an additional 32,474 shares during the last quarter. Sei Investments Co. increased its stake in Freeport-McMoRan by 73.6% during the first quarter. Sei Investments Co. now owns 132,043 shares of the natural resource company’s stock worth $6,624,000 after acquiring an additional 55,987 shares during the last quarter. Finally, Baird Financial Group Inc. increased its stake in Freeport-McMoRan by 22.0% during the first quarter. Baird Financial Group Inc. now owns 79,686 shares of the natural resource company’s stock worth $3,964,000 after acquiring an additional 14,388 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on FCX. Raymond James upped their target price on Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research note on Thursday, January 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 target price on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their target price for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a research note on Tuesday, April 9th. Finally, Scotiabank upped their target price on Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a research note on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $46.71.

Freeport-McMoRan Stock Down 1.2 %

Freeport-McMoRan stock opened at $49.41 on Wednesday. The business has a fifty day moving average of $42.87 and a two-hundred day moving average of $39.68. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32. The firm has a market cap of $70.87 billion, a P/E ratio of 38.91, a P/E/G ratio of 2.26 and a beta of 2.04. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $52.42.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04. The business had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.85 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The business’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.52 earnings per share. On average, analysts forecast that Freeport-McMoRan Inc. will post 1.6 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s payout ratio is presently 23.62%.

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.