Nano Cap New Millennium Growth Fund L P Invests $483,000 in Freeport-McMoRan Inc. $FCX

Nano Cap New Millennium Growth Fund L P bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, Holdings Channel reports. The firm bought 9,500 shares of the natural resource company’s stock, valued at approximately $483,000.

Several other large investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Freeport-McMoRan by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock worth $6,619,611,000 after purchasing an additional 1,572,769 shares during the last quarter. Fisher Asset Management LLC grew its holdings in shares of Freeport-McMoRan by 1.4% during the third quarter. Fisher Asset Management LLC now owns 63,258,414 shares of the natural resource company’s stock worth $2,480,995,000 after purchasing an additional 899,699 shares during the last quarter. State Street Corp grew its holdings in shares of Freeport-McMoRan by 1.1% during the third quarter. State Street Corp now owns 62,477,910 shares of the natural resource company’s stock worth $2,450,384,000 after purchasing an additional 690,736 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Freeport-McMoRan by 190.9% during the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after purchasing an additional 23,950,557 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Freeport-McMoRan by 2.1% during the third quarter. Bank of New York Mellon Corp now owns 21,671,223 shares of the natural resource company’s stock worth $849,945,000 after purchasing an additional 435,963 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 2.4%

FCX opened at $62.32 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The company has a market cap of $89.59 billion, a price-to-earnings ratio of 33.15, a price-to-earnings-growth ratio of 0.73 and a beta of 1.32. The firm has a 50 day simple moving average of $61.41 and a 200 day simple moving average of $56.31. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $70.96.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. The business had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. Freeport-McMoRan’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.24 earnings per share. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were issued a dividend of $0.075 per share. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is 15.96%.

Analysts Set New Price Targets

Several research analysts recently weighed in on FCX shares. Argus upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Friday, February 13th. Morgan Stanley reiterated an “equal weight” rating and issued a $66.00 price objective (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. Freedom Capital raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Saturday, February 21st. CICC Research lowered their target price on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research note on Tuesday, April 28th. Finally, Barclays started coverage on Freeport-McMoRan in a research note on Thursday. They issued an “overweight” rating and a $77.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $65.72.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.