8987 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Acquired by Graham Capital Management L.P.
Graham Capital Management L.P. purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX[1] - Free Report[2]) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 8,987 shares of the natural resource company's stock, valued at approximately £335,000. A number of other institutional investors and hedge funds have also modified their holdings of the business.
CM Management LLC grew its holdings in Freeport-McMoRan by 80.0% during the third quarter. CM Management LLC now owns 36,000 shares of the natural resource company's stock valued at £1,342,000 after purchasing an additional 16,000 shares during the period. Ion Asset Management Ltd. grew its holdings in Freeport-McMoRan by 72.7% during the second quarter.
Ion Asset Management Ltd. now owns 504,000 shares of the natural resource company's stock valued at £20,160,000 after purchasing an additional 212,100 shares during the period. PointState Capital LP grew its holdings in Freeport-McMoRan by 171.9% during the second quarter. PointState Capital LP now owns 1,439,447 shares of the natural resource company's stock valued at £57,578,000 after purchasing an additional 910,004 shares during the period.
Charles Schwab Investment Management Inc. grew its holdings in Freeport-McMoRan by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company's stock valued at £279,977,000 after purchasing an additional 102,466 shares during the period. Finally, Alphinity Investment Management Pty Ltd grew its holdings in Freeport-McMoRan by 57.4% during the third quarter.
Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company's stock valued at £201,039,000 after purchasing an additional 1,965,987 shares during the period.
77.96% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of research analysts recently issued reports on FCX shares. Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from £41.00 to £48.50 in a report on Monday, January 8th.
UBS Group reduced their price target on shares of Freeport-McMoRan from £42.00 to £41.00 and set a "neutral" rating for the company in a report on Wednesday, December 13th. Morgan Stanley reduced their price target on shares of Freeport-McMoRan from £41.00 to £40.00 and set an "equal weight" rating for the company in a report on Thursday, December 7th. Raymond James upped their price target on shares of Freeport-McMoRan from £42.00 to £43.00 and gave the company an "outperform" rating in a report on Thursday, January 4th.
Finally, Eight Capital set a £55.00 price target on shares of Freeport-McMoRan and gave the company a "buy" rating in a report on Wednesday, December 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of "Hold" and an average target price of £44.95.
Read Our Latest Stock Analysis on FCX[3]Freeport-McMoRan Stock Performance
NYSE FCX[4] opened at £44.47 on Tuesday.
The firm has a 50-day moving average of £39.39 and a 200-day moving average of £38.36. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. The stock has a market cap of £63.79 billion, a PE ratio of 35.02 and a beta of 2.02.
Freeport-McMoRan Inc. has a 52-week low of £32.83 and a 52-week high of £45.47. Freeport-McMoRan (NYSE:FCX[5] - Get Free Report[6]) last posted its 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.
Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The company had revenue of £5.91 billion during the quarter, compared to analysts' expectations of £5.85 billion. During the same quarter last year, the company posted £0.52 EPS.
Freeport-McMoRan's quarterly revenue was up 2.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.52 EPS for the current year.
Freeport-McMoRan Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Friday, January 12th were issued a £0.15 dividend.
This represents a £0.60 annualized dividend and a yield of 1.35%. The ex-dividend date was Thursday, January 11th. Freeport-McMoRan's dividend payout ratio is currently 23.62%.
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.
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References
- ^ NYSE:FCX (www.marketbeat.com)
- ^ Free Report (www.marketbeat.com)
- ^ Read Our Latest Stock Analysis on FCX (www.marketbeat.com)
- ^ NYSE FCX (www.marketbeat.com)
- ^ NYSE:FCX (www.marketbeat.com)
- ^ Get Free Report (www.marketbeat.com)
- ^ Free Report (www.marketbeat.com)
- ^ Visit HoldingsChannel.com (www.holdingschannel.com)
- ^ NYSE:FCX (www.marketbeat.com)
- ^ Free Report (www.marketbeat.com)
- ^ MarketBeat.com's FREE daily email newsletter (www.defenseworld.net)