Point72 Hong Kong Ltd Buys New Shares in Freeport-McMoRan Inc. (NYSE:FCX)

Point72 Hong Kong Ltd bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 30,885 shares of the natural resource company’s stock, valued at approximately $1,176,000.

Other large investors have also modified their holdings of the company. Coppell Advisory Solutions LLC raised its stake in shares of Freeport-McMoRan by 47.4% during the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company’s stock worth $32,000 after purchasing an additional 268 shares in the last quarter. PFG Investments LLC raised its stake in shares of Freeport-McMoRan by 1.3% during the 4th quarter. PFG Investments LLC now owns 22,910 shares of the natural resource company’s stock worth $872,000 after purchasing an additional 283 shares in the last quarter. Palogic Value Management L.P. raised its stake in shares of Freeport-McMoRan by 1.5% during the 4th quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company’s stock worth $772,000 after purchasing an additional 292 shares in the last quarter. SeaCrest Wealth Management LLC raised its stake in shares of Freeport-McMoRan by 1.6% during the 4th quarter. SeaCrest Wealth Management LLC now owns 19,104 shares of the natural resource company’s stock worth $727,000 after purchasing an additional 307 shares in the last quarter. Finally, CIBC Private Wealth Group LLC raised its stake in shares of Freeport-McMoRan by 0.9% during the 4th quarter. CIBC Private Wealth Group LLC now owns 36,514 shares of the natural resource company’s stock worth $1,451,000 after purchasing an additional 309 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $38.47 on Friday. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $55.24. The firm has a market cap of $55.28 billion, a price-to-earnings ratio of 29.82, a P/E/G ratio of 0.87 and a beta of 1.65. The firm’s 50-day simple moving average is $36.47 and its 200 day simple moving average is $39.01. 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 released its quarterly 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 net margin of 7.42% and a return on equity of 7.50%. The business had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.36 billion. During the same period last year, the firm earned $0.32 earnings per share. Freeport-McMoRan’s revenue for the quarter was down 9.4% compared to the same quarter last year. As a group, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were paid a $0.15 dividend. The ex-dividend date was Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.56%. Freeport-McMoRan’s payout ratio is currently 24.79%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Raymond James restated an “outperform” rating and issued a $52.00 price target on shares of Freeport-McMoRan in a research note on Friday, April 25th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research note on Thursday, March 6th. Finally, BMO Capital Markets dropped their price target on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Five equities research 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 stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.36.

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.