Forty three Eighteen Advisors LLC Makes New $1 Million Investment in Freeport-McMoRan Inc. $FCX

Forty three Eighteen Advisors LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 17,088 shares of the natural resource company’s stock, valued at approximately $1,004,000.

Other hedge funds have also bought and sold shares of the company. Strategic Investment Solutions Inc. IL bought a new position in shares of Freeport-McMoRan in the fourth quarter valued at approximately $25,000. Steph & Co. lifted its stake in Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares during the last quarter. Kemnay Advisory Services Inc. bought a new stake in Freeport-McMoRan in the 4th quarter worth approximately $29,000. SHP Wealth Management purchased a new stake in shares of Freeport-McMoRan in the 4th quarter valued at $30,000. Finally, JPL Wealth Management LLC bought a new position in shares of Freeport-McMoRan during the third quarter valued at about $33,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 0.2%

NYSE:FCX opened at $58.44 on Friday. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.28. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The company’s 50-day simple moving average is $63.87 and its 200 day simple moving average is $61.94. The firm has a market capitalization of $84.02 billion, a P/E ratio of 31.09, a PEG ratio of 0.59 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter last year, the firm earned $0.24 earnings per share. The business’s revenue for the quarter was up 8.8% on a year-over-year basis. As a group, analysts forecast that Freeport-McMoRan Inc. will post 2.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be paid a $0.075 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is presently 15.96%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FCX. BNP Paribas Exane raised their target price on Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a research note on Thursday, June 18th. Sanford C. Bernstein boosted their price target on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research report on Wednesday, June 10th. Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Scotiabank lifted their price objective on Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research report on Monday, June 15th. Finally, Weiss Ratings downgraded Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $68.77.

Freeport-McMoRan 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.