1248 Management LLC Purchases Shares of 9,542 Freeport-McMoRan Inc. (NYSE:FCX)

1248 Management LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 9,542 shares of the natural resource company’s stock, valued at approximately $363,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pine Valley Investments Ltd Liability Co raised its holdings in Freeport-McMoRan by 5.0% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 10,306 shares of the natural resource company’s stock worth $514,000 after acquiring an additional 490 shares in the last quarter. World Investment Advisors LLC acquired a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at approximately $246,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at approximately $754,000. Tidal Investments LLC grew its stake in shares of Freeport-McMoRan by 6.2% in the third quarter. Tidal Investments LLC now owns 155,081 shares of the natural resource company’s stock valued at $7,742,000 after buying an additional 8,995 shares in the last quarter. Finally, Synovus Financial Corp increased its holdings in Freeport-McMoRan by 21.8% during the third quarter. Synovus Financial Corp now owns 108,235 shares of the natural resource company’s stock worth $5,403,000 after buying an additional 19,389 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 1.1 %

Freeport-McMoRan stock opened at $36.44 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The stock has a market cap of $52.37 billion, a PE ratio of 28.25, a price-to-earnings-growth ratio of 0.87 and a beta of 1.71. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $55.24. The firm’s 50-day simple moving average is $36.18 and its 200 day simple moving average is $39.66.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The company had revenue of $5.73 billion for the quarter, compared to analysts’ expectations of $5.36 billion. During the same period in the previous year, the business posted $0.32 EPS. The business’s revenue for the quarter was down 9.4% compared to the same quarter last year. Research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend was Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 24.79%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Raymond James reiterated an “outperform” rating and issued a $52.00 target price on shares of Freeport-McMoRan in a research note on Friday, April 25th. JPMorgan Chase & Co. reduced their target price on Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Tuesday, April 8th. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Finally, Argus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average target price of $48.09.

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.