Twin Capital Management Inc. Buys New Stake in Freeport-McMoRan Inc. $FCX

Twin Capital Management Inc. bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 32,038 shares of the natural resource company’s stock, valued at approximately $1,389,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Brighton Jones LLC increased its holdings in shares of Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after purchasing an additional 2,882 shares in the last quarter. Bison Wealth LLC grew its position in shares of Freeport-McMoRan by 5.6% during the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after buying an additional 507 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of Freeport-McMoRan by 3.0% during the first quarter. Envestnet Asset Management Inc. now owns 1,469,761 shares of the natural resource company’s stock worth $55,645,000 after buying an additional 42,664 shares during the last quarter. TD Private Client Wealth LLC lifted its holdings in Freeport-McMoRan by 8.7% in the first quarter. TD Private Client Wealth LLC now owns 12,868 shares of the natural resource company’s stock valued at $487,000 after buying an additional 1,031 shares during the period. Finally, Financial Counselors Inc. grew its holdings in Freeport-McMoRan by 22.4% during the 1st quarter. Financial Counselors Inc. now owns 10,989 shares of the natural resource company’s stock worth $416,000 after acquiring an additional 2,014 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FCX has been the subject of a number of analyst reports. BMO Capital Markets decreased their price objective on Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a research note on Wednesday, September 24th. Sanford C. Bernstein reduced their price objective on shares of Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 14th. Citigroup upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 target price on the stock in a report on Wednesday, October 8th. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price target for the company in a report on Tuesday, September 30th. Finally, Royal Bank Of Canada decreased their price objective on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 1st. Four research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.01.

Freeport-McMoRan Stock Down 3.9%

FCX stock opened at $38.63 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19. The stock has a market capitalization of $55.46 billion, a P/E ratio of 27.20, a P/E/G ratio of 0.94 and a beta of 1.64. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $49.21. The business has a 50-day moving average of $42.18 and a 200-day moving average of $41.53.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.41 by $0.09. The firm had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The business’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.38 EPS. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.6%. The ex-dividend date was Wednesday, October 15th. Freeport-McMoRan’s payout ratio is presently 21.13%.

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.