Havemeyer Place LP Purchases New Holdings in Freeport-McMoRan Inc. $FCX

Havemeyer Place LP purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 77,001 shares of the natural resource company’s stock, valued at approximately $3,911,000. Freeport-McMoRan makes up approximately 0.8% of Havemeyer Place LP’s holdings, making the stock its 10th biggest holding.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Kohmann Bosshard Financial Services LLC purchased a new position in Freeport-McMoRan in the 4th quarter worth approximately $38,000. Key Financial Inc lifted its stake in Freeport-McMoRan by 32.3% in the 4th quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock worth $42,000 after purchasing an additional 202 shares in the last quarter. JPL Wealth Management LLC purchased a new position in Freeport-McMoRan in the 3rd quarter worth approximately $33,000. Laurel Wealth Advisors LLC purchased a new position in Freeport-McMoRan in the 4th quarter worth approximately $43,000. Finally, YANKCOM Partnership lifted its stake in Freeport-McMoRan by 83.3% in the 4th quarter. YANKCOM Partnership now owns 869 shares of the natural resource company’s stock worth $44,000 after purchasing an additional 395 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on FCX shares. Raymond James Financial decreased their target price on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research note on Friday, April 24th. CICC Research decreased their target price on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. Scotiabank decreased their target price on shares of Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating on the stock in a research note on Friday, April 24th. Morgan Stanley reissued an “equal weight” rating and issued a $66.00 target price (down from $70.00) on shares of Freeport-McMoRan in a research note on Friday, April 24th. Finally, Sanford C. Bernstein cut their price target on shares of Freeport-McMoRan from $54.00 to $53.50 and set a “market perform” rating for the company in a report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.04.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $63.37 on Friday. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.09. The stock has a market capitalization of $91.10 billion, a PE ratio of 33.71, a P/E/G ratio of 0.76 and a beta of 1.35. The firm has a 50 day moving average of $63.48 and a two-hundred day moving average of $58.17.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter last year, the company posted $0.24 EPS. The firm’s revenue was up 8.8% compared to the same quarter last year. On average, research analysts predict that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 15.96%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.