GAMMA Investing LLC Buys New Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

GAMMA Investing LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 8,496 shares of the natural resource company’s stock, valued at approximately $337,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of FCX. Bruce G. Allen Investments LLC acquired a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $27,000. BluePath Capital Management LLC bought a new position in Freeport-McMoRan in the 3rd quarter worth approximately $28,000. Webster Bank N. A. boosted its stake in Freeport-McMoRan by 6,469.2% during the 4th quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock valued at $36,000 after purchasing an additional 841 shares in the last quarter. CVA Family Office LLC bought a new position in Freeport-McMoRan during the 4th quarter valued at $38,000. Finally, Orion Capital Management LLC bought a new position in Freeport-McMoRan during the 3rd quarter valued at $40,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on FCX shares. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a research note on Tuesday, April 9th. Scotiabank cut their price objective on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating for the company in a report on Wednesday. HSBC increased their price objective on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a report on Tuesday. Bernstein Bank increased their target price on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. lowered their price target on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a research report on Wednesday. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.77.

Freeport-McMoRan Stock Up 0.5 %

Shares of FCX opened at $48.24 on Thursday. The stock has a market cap of $69.20 billion, a price-to-earnings ratio of 42.69, a P/E/G ratio of 2.20 and a beta of 2.04. The company has a quick ratio of 1.38, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $52.42. The company has a 50-day moving average price of $44.02 and a two-hundred day moving average price of $40.14.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The company had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter in the previous year, the company posted $0.52 earnings per share. Freeport-McMoRan’s quarterly revenue was up 17.3% compared to the same quarter last year. Equities analysts predict that Freeport-McMoRan Inc. will post 1.57 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

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.