18,631 Shares in Freeport-McMoRan Inc. $FCX Acquired by Clare Market Investments LLC

Clare Market Investments LLC bought a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 18,631 shares of the natural resource company’s stock, valued at approximately $1,095,000.

Other hedge funds have also recently made changes to their positions in the company. Strategic Investment Solutions Inc. IL bought a new position in Freeport-McMoRan during the 4th quarter worth approximately $25,000. Steph & Co. boosted its position in shares of Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new stake in Freeport-McMoRan during the fourth quarter worth approximately $29,000. SHP Wealth Management acquired a new position in shares of Freeport-McMoRan during the 4th quarter valued at $30,000. Finally, JPL Wealth Management LLC acquired a new stake in Freeport-McMoRan in the third quarter worth $33,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

FCX stock opened at $60.23 on Tuesday. The firm has a 50 day moving average of $63.81 and a 200-day moving average of $61.43. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.28. The firm has a market capitalization of $86.58 billion, a P/E ratio of 31.96, a price-to-earnings-growth ratio of 0.74 and a beta of 1.37.

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

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s payout ratio is 15.96%.

Analysts Set New Price Targets

FCX has been the topic of several research reports. Barclays started coverage on shares of Freeport-McMoRan in a report on Thursday, May 21st. They set an “overweight” rating and a $77.00 price objective on the stock. Morgan Stanley restated an “equal weight” rating and issued a $66.00 target price (down from $70.00) on shares of Freeport-McMoRan in a report on Friday, April 24th. BMO Capital Markets increased their price target on Freeport-McMoRan from $68.00 to $78.00 and gave the company an “outperform” rating in a research report on Tuesday, June 23rd. Sanford C. Bernstein boosted their price objective on Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research report on Wednesday, June 10th. Finally, UBS Group raised their price objective on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average target price of $68.36.

Freeport-McMoRan Company 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.