30,885 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Acquired by Point72 Hong Kong Ltd

Point72 Hong Kong Ltd bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 30,885 shares of the natural resource company’s stock, valued at approximately $1,176,000.

Several other hedge funds have also added to or reduced their stakes in FCX. Miracle Mile Advisors LLC acquired a new stake in Freeport-McMoRan during the 4th quarter worth approximately $784,000. FNY Investment Advisers LLC bought a new position in Freeport-McMoRan during the 4th quarter worth approximately $57,000. SeaCrest Wealth Management LLC raised its holdings in 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 during the last quarter. Park Avenue Securities LLC raised its holdings in Freeport-McMoRan by 17.0% during the 4th quarter. Park Avenue Securities LLC now owns 25,714 shares of the natural resource company’s stock worth $979,000 after purchasing an additional 3,728 shares during the last quarter. Finally, Laurel Wealth Advisors LLC raised 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 purchasing an additional 600 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $38.47 on Friday. The company has a fifty day moving average of $36.47 and a 200-day moving average of $39.01. The firm has a market capitalization of $55.28 billion, a P/E ratio of 29.82, a P/E/G ratio of 0.87 and a beta of 1.65. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The company had revenue of $5.73 billion during the quarter, compared to analyst estimates of $5.36 billion. During the same quarter in the previous year, the business posted $0.32 EPS. Freeport-McMoRan’s revenue for the quarter was down 9.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts have issued reports on FCX shares. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. JPMorgan Chase & Co. lowered their price target on shares of Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Raymond James restated an “outperform” rating and set a $52.00 price target on shares of Freeport-McMoRan in a report on Friday, April 25th. Jefferies Financial Group restated a “buy” rating and set a $50.00 price target (up previously from $48.00) on shares of Freeport-McMoRan in a report on Friday, April 25th. Finally, Dbs Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Five 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’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.36.

Freeport-McMoRan Company 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.