Tejara Capital Ltd Invests $1.14 Million in Freeport-McMoRan Inc. (NYSE:FCX)

Tejara Capital Ltd bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 30,000 shares of the natural resource company’s stock, valued at approximately $1,136,000.

A number of other institutional investors and hedge funds have also modified their holdings of FCX. Brighton Jones LLC grew its holdings in shares of Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after buying an additional 2,882 shares in the last quarter. Bank Pictet & Cie Europe AG grew its holdings in shares of Freeport-McMoRan by 27.2% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 540,046 shares of the natural resource company’s stock valued at $20,565,000 after buying an additional 115,552 shares in the last quarter. Mariner LLC grew its holdings in shares of Freeport-McMoRan by 3.1% during the fourth quarter. Mariner LLC now owns 330,434 shares of the natural resource company’s stock valued at $12,583,000 after buying an additional 10,042 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Freeport-McMoRan during the fourth quarter valued at $466,000. Finally, Evergreen Capital Management LLC grew its stake in Freeport-McMoRan by 0.4% in the fourth quarter. Evergreen Capital Management LLC now owns 128,389 shares of the natural resource company’s stock valued at $4,889,000 after purchasing an additional 473 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. UBS Group downgraded Freeport-McMoRan from a “buy” rating to a “neutral” rating and boosted their target price for the company from $45.00 to $50.00 in a research note on Friday, July 11th. Scotiabank boosted their target price on Freeport-McMoRan from $48.00 to $52.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 9th. Bank of America restated a “neutral” rating and issued a $56.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. JPMorgan Chase & Co. upped their price target on Freeport-McMoRan from $42.00 to $56.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 9th. Finally, Morgan Stanley downgraded Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $45.00 to $54.00 in a research note on Tuesday, July 15th. Eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

Insider Buying and Selling

In related news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total transaction of $343,531.68. Following the sale, the chief accounting officer directly owned 48,333 shares in the company, valued at $1,934,286.66. This represents a 15.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.75% of the stock is currently owned by company insiders.

Freeport-McMoRan Trading Down 1.0%

Freeport-McMoRan stock opened at $42.30 on Friday. The business has a 50 day moving average price of $42.99 and a two-hundred day moving average price of $39.18. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The stock has a market cap of $60.79 billion, a price-to-earnings ratio of 32.05, a price-to-earnings-growth ratio of 0.81 and a beta of 1.63. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%. The business had revenue of $7.58 billion during the quarter, compared to analysts’ expectations of $6.85 billion. During the same period in the prior year, the firm posted $0.46 EPS. Freeport-McMoRan’s quarterly revenue was up 14.5% compared to the same quarter last year. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 22.73%.

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.