Graham Capital Management L.P. Boosts Stock Holdings in Freeport-McMoRan Inc. $FCX

Graham Capital Management L.P. increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 116.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 79,802 shares of the natural resource company’s stock after purchasing an additional 42,953 shares during the period. Graham Capital Management L.P.’s holdings in Freeport-McMoRan were worth $4,053,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in FCX. KBC Group NV increased its holdings in Freeport-McMoRan by 49.0% in the fourth quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock valued at $11,267,000 after buying an additional 73,002 shares in the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in Freeport-McMoRan in the fourth quarter valued at about $8,857,000. Wellington Management Group LLP increased its holdings in Freeport-McMoRan by 190.9% in the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after buying an additional 23,950,557 shares in the last quarter. Dynamic Technology Lab Private Ltd increased its holdings in Freeport-McMoRan by 426.3% in the third quarter. Dynamic Technology Lab Private Ltd now owns 81,892 shares of the natural resource company’s stock valued at $3,212,000 after buying an additional 66,331 shares in the last quarter. Finally, Powszechne Towarzystwo Emerytalne Allianz Polska S.A. increased its holdings in Freeport-McMoRan by 175.4% in the fourth quarter. Powszechne Towarzystwo Emerytalne Allianz Polska S.A. now owns 1,379,760 shares of the natural resource company’s stock valued at $70,078,000 after buying an additional 878,760 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on FCX. UBS Group increased their target price on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Wells Fargo & Company dropped their target price on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Freedom Capital raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Finally, Jefferies Financial Group raised their price objective on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, June 8th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $67.31.

Freeport-McMoRan Trading Up 0.0%

Shares of FCX opened at $70.16 on Wednesday. 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 firm has a 50 day simple moving average of $64.59 and a 200-day simple moving average of $59.58. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.09. The stock has a market cap of $100.85 billion, a price-to-earnings ratio of 37.32, a price-to-earnings-growth ratio of 0.86 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping 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 analysts’ expectations of $5.73 billion. During the same period last year, the company posted $0.24 EPS. The company’s revenue was up 8.8% on a year-over-year basis. Equities analysts forecast that Freeport-McMoRan Inc. will post 2.51 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were given a dividend of $0.075 per share. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is 15.96%.

About Freeport-McMoRan

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.