1832 Asset Management L.P. Takes $2.86 Million Position in Freeport-McMoRan Inc. $FCX

1832 Asset Management L.P. purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter, Holdings Channel reports. The firm purchased 65,936 shares of the natural resource company’s stock, valued at approximately $2,858,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CW Advisors LLC increased its position in shares of Freeport-McMoRan by 18.0% during the second quarter. CW Advisors LLC now owns 16,971 shares of the natural resource company’s stock valued at $736,000 after buying an additional 2,593 shares during the period. JT Stratford LLC purchased a new stake in Freeport-McMoRan in the 2nd quarter worth approximately $780,000. Peloton Wealth Strategists grew its position in shares of Freeport-McMoRan by 1.3% in the 2nd quarter. Peloton Wealth Strategists now owns 75,875 shares of the natural resource company’s stock worth $3,289,000 after buying an additional 1,000 shares during the last quarter. Twin Peaks Wealth Advisors LLC purchased a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $28,000. Finally, Nicolet Bankshares Inc. lifted its stake in shares of Freeport-McMoRan by 5.4% in the 2nd quarter. Nicolet Bankshares Inc. now owns 13,943 shares of the natural resource company’s stock valued at $604,000 after purchasing an additional 718 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $45.22 on Friday. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $49.12. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. The stock has a market cap of $64.94 billion, a price-to-earnings ratio of 31.85, a PEG ratio of 1.01 and a beta of 1.49. The company has a 50 day simple moving average of $41.17 and a two-hundred day simple moving average of $42.16.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The firm had revenue of $6.97 billion for the quarter, compared to the consensus estimate of $6.74 billion. During the same period in the prior year, the firm posted $0.38 earnings per share. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.3%. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.13%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price target for the company in a research report on Tuesday, September 30th. Royal Bank Of Canada decreased their price target on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 1st. Morgan Stanley reduced their price target on shares of Freeport-McMoRan from $46.00 to $44.00 and set an “overweight” rating on the stock in a report on Wednesday, November 19th. CICC Research decreased their price target on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research note on Friday, September 26th. Finally, Wells Fargo & Company upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Wednesday, October 8th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $47.30.

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.