Maverick Capital Ltd. Invests $1.51 Million in Freeport-McMoRan Inc. (NYSE:FCX)

Maverick Capital Ltd. purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX [1] - Free Report [2]) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 30,323 shares of the natural resource company's stock, valued at approximately £1,514,000. Several other institutional investors have also recently made changes to their positions in the stock.

Hazlett Burt & Watson Inc. increased its holdings in shares of Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company's stock valued at £25,000 after acquiring an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC acquired a new position in Freeport-McMoRan during the 2nd quarter valued at about £25,000.

Matrix Trust Co bought a new position in shares of Freeport-McMoRan in the third quarter valued at approximately £25,000. LRI Investments LLC purchased a new stake in Freeport-McMoRan in the 1st quarter valued at £26,000. Finally, Lynx Investment Advisory bought a new stake in shares of Freeport-McMoRan in the 2nd quarter worth £26,000.

Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Stock Up 1.0 %

Shares of NYSE FCX [3] opened at £44.20 on Friday. The stock has a market capitalization of £63.51 billion, a price-to-earnings ratio of 32.26, a P/E/G ratio of 17.44 and a beta of 1.91. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31.

The firm's 50-day moving average price is £46.87 and its 200-day moving average price is £46.89. Freeport-McMoRan Inc. has a 12-month low of £36.04 and a 12-month high of £55.24. Freeport-McMoRan (NYSE:FCX [4] - Get Free Report [5]) last posted its quarterly earnings results on Tuesday, October 22nd.

The natural resource company reported £0.38 EPS for the quarter, topping analysts' consensus estimates of £0.37 by £0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm had revenue of £6.79 billion for the quarter, compared to analysts' expectations of £6.45 billion.

During the same period in the prior year, the business posted £0.39 earnings per share. The business's revenue for the quarter was up 16.6% on a year-over-year basis. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.5 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st.

Stockholders of record on Tuesday, October 15th were paid a dividend of £0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a £0.30 dividend on an annualized basis and a dividend yield of 0.68%.

Freeport-McMoRan's payout ratio is 21.90%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Scotiabank reduced their target price on Freeport-McMoRan from £53.00 to £52.00 and set a "sector perform" rating for the company in a report on Wednesday, October 23rd. Raymond James boosted their target price on Freeport-McMoRan from £55.00 to £57.00 and gave the company an "outperform" rating in a research note on Wednesday, October 23rd.

JPMorgan Chase & Co. boosted their price target on shares of Freeport-McMoRan from £53.00 to £55.00 and gave the company a "neutral" rating in a research report on Tuesday, October 15th. UBS Group upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and boosted their price objective for the company from £54.00 to £55.00 in a research note on Wednesday, September 4th. Finally, StockNews.com [6] downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Thursday, September 26th.

Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and an average target price of £54.00. Read Our Latest Stock Analysis on FCX [7]

Freeport-McMoRan Profile

(Free Report [8])

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)
^ NYSE FCX (www.marketbeat.com)
^ NYSE:FCX (www.marketbeat.com)
^ Get Free Report (www.marketbeat.com)
^ StockNews.com (report.stocknews.com)
^ Read Our Latest Stock Analysis on FCX (www.marketbeat.com)
^ Free Report (www.marketbeat.com)
^ five stocks (www.marketbeat.com)
^ View The Five Stocks Here (www.marketbeat.com)
^ Get This Free Report (marketbeat.com)