Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 1,206.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,055 shares of the natural resource company’s stock after acquiring an additional 12,056 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in Freeport-McMoRan were worth $652,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Kestra Investment Management LLC acquired a new stake in shares of Freeport-McMoRan in the third quarter worth approximately $619,000. Alerus Financial NA raised its holdings in Freeport-McMoRan by 315.0% in the third quarter. Alerus Financial NA now owns 40,297 shares of the natural resource company’s stock valued at $2,012,000 after buying an additional 30,586 shares during the period. FSA Wealth Management LLC purchased a new position in Freeport-McMoRan in the third quarter valued at approximately $46,000. Erste Asset Management GmbH purchased a new position in Freeport-McMoRan in the third quarter valued at approximately $3,233,000. Finally, Maverick Capital Ltd. purchased a new position in Freeport-McMoRan in the third quarter valued at approximately $1,514,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on FCX. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Scotiabank dropped their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 23rd. Morgan Stanley dropped their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. JPMorgan Chase & Co. lifted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Finally, Raymond James lifted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Trading Up 1.0 %

NYSE:FCX opened at $44.20 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. Freeport-McMoRan Inc. has a fifty-two week low of $36.04 and a fifty-two week high of $55.24. The stock’s 50-day moving average is $46.87 and its two-hundred day moving average is $46.85. The stock has a market cap of $63.51 billion, a PE ratio of 32.26, a price-to-earnings-growth ratio of 17.44 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter in the previous year, the business posted $0.39 EPS. The business’s revenue for the quarter was up 16.6% on a year-over-year basis. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.68%. Freeport-McMoRan’s payout ratio is 21.90%.

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.