Caxton Associates LP Takes Position in Freeport-McMoRan Inc. (NYSE:FCX)

Caxton Associates LP purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 42,769 shares of the natural resource company’s stock, valued at approximately $1,629,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Asset Planning Inc purchased a new stake in Freeport-McMoRan during the 4th quarter worth approximately $25,000. Mizuho Bank Ltd. acquired a new stake in Freeport-McMoRan in the fourth quarter valued at $26,000. Vision Financial Markets LLC bought a new position in Freeport-McMoRan during the 4th quarter valued at $27,000. Laurel Wealth Advisors LLC grew its holdings in Freeport-McMoRan by 487.8% during the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after acquiring an additional 600 shares in the last quarter. Finally, Roxbury Financial LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth about $28,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on FCX shares. Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Scotiabank reduced their price objective on Freeport-McMoRan from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research note on Monday, April 7th. BMO Capital Markets lowered their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research report on Thursday, March 6th. Finally, StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Tuesday, April 8th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.09.

Freeport-McMoRan Stock Down 0.7 %

FCX opened at $37.34 on Tuesday. The stock’s fifty day moving average is $36.18 and its 200-day moving average is $39.40. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $55.24. The company has a market capitalization of $53.66 billion, a PE ratio of 28.95, a P/E/G ratio of 0.87 and a beta of 1.65. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. The company had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. Freeport-McMoRan’s revenue was down 9.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.32 EPS. On average, equities analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were issued a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.61%. Freeport-McMoRan’s dividend payout ratio is currently 24.79%.

About Freeport-McMoRan

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.