Twin Capital Management Inc. Takes Position in Freeport-McMoRan Inc. $FCX

Twin Capital Management Inc. bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor 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 have also bought and sold shares of the business. Dagco Inc. bought a new stake in Freeport-McMoRan in the 1st quarter valued at about $37,000. Beacon Capital Management LLC raised its position in shares of Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after buying an additional 327 shares in the last quarter. CKW Financial Group bought a new stake in shares of Freeport-McMoRan in the first quarter valued at approximately $40,000. Greykasell Wealth Strategies Inc. acquired a new stake in Freeport-McMoRan during the first quarter worth approximately $42,000. Finally, Hilltop National Bank bought a new position in Freeport-McMoRan during the 2nd quarter worth $43,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

FCX stock opened at $38.63 on Friday. The company has a market capitalization of $55.46 billion, a P/E ratio of 27.20, a PEG ratio of 0.94 and a beta of 1.64. The company has a fifty day moving average price of $42.18 and a 200-day moving average price of $41.53. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $49.21.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. The business had revenue of $6.97 billion during the quarter, compared to the consensus estimate of $6.74 billion. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.Freeport-McMoRan’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.38 earnings per share. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Hsbc Global Res upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 16th. Wall Street Zen raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday, October 25th. JPMorgan Chase & Co. lifted their price target on Freeport-McMoRan from $46.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, October 9th. BMO Capital Markets lowered their price target on Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a report on Wednesday, September 24th. Finally, CICC Research reduced their price objective on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research note on Friday, September 26th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.01.

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.