AlphaCrest Capital Management LLC Purchases 48,279 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

AlphaCrest Capital Management LLC grew its holdings in Freeport-McMoRan Inc. (NYSE:FCXGet Rating) by 314.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 63,631 shares of the natural resource company’s stock after purchasing an additional 48,279 shares during the period. AlphaCrest Capital Management LLC’s holdings in Freeport-McMoRan were worth $1,862,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in FCX. Eubel Brady & Suttman Asset Management Inc. bought a new position in shares of Freeport-McMoRan during the 1st quarter valued at about $7,657,000. 1832 Asset Management L.P. grew its holdings in shares of Freeport-McMoRan by 652,966.4% in the first quarter. 1832 Asset Management L.P. now owns 6,582,909 shares of the natural resource company’s stock worth $322,939,000 after purchasing an additional 6,581,901 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Freeport-McMoRan by 795.2% in the first quarter. First Trust Advisors LP now owns 6,026,228 shares of the natural resource company’s stock worth $299,745,000 after purchasing an additional 5,353,074 shares during the last quarter. Clearbridge Investments LLC increased its stake in shares of Freeport-McMoRan by 25.3% in the second quarter. Clearbridge Investments LLC now owns 11,827,474 shares of the natural resource company’s stock worth $346,072,000 after buying an additional 2,385,605 shares during the period. Finally, Fisher Asset Management LLC raised its holdings in Freeport-McMoRan by 3.9% during the 1st quarter. Fisher Asset Management LLC now owns 50,750,501 shares of the natural resource company’s stock valued at $2,524,330,000 after buying an additional 1,897,056 shares during the last quarter. Hedge funds and other institutional investors own 77.38% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $38.04 on Thursday. The company has a 50 day simple moving average of $31.60 and a two-hundred day simple moving average of $32.11. Freeport-McMoRan Inc. has a fifty-two week low of $24.80 and a fifty-two week high of $51.99. The company has a market capitalization of $54.37 billion, a price-to-earnings ratio of 14.46 and a beta of 1.95. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.76 and a current ratio of 2.56.

Freeport-McMoRan (NYSE:FCXGet Rating) last posted its quarterly earnings data on Thursday, October 20th. The natural resource company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.14). Freeport-McMoRan had a net margin of 16.72% and a return on equity of 17.69%. The company had revenue of $5 billion for the quarter, compared to the consensus estimate of $4.91 billion. During the same period last year, the business earned $0.89 EPS. The firm’s quarterly revenue was down 17.8% on a year-over-year basis. Analysts expect that Freeport-McMoRan Inc. will post 2.33 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 1st. Shareholders of record on Friday, October 14th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, October 13th. This represents a $0.60 dividend on an annualized basis and a yield of 1.58%. Freeport-McMoRan’s dividend payout ratio is currently 11.41%.

Insider Buying and Selling at Freeport-McMoRan

In other news, Director Ryan Michael Lance bought 31,000 shares of the company’s stock in a transaction dated Monday, August 29th. The shares were purchased at an average price of $31.88 per share, for a total transaction of $988,280.00. Following the completion of the purchase, the director now owns 32,132 shares in the company, valued at approximately $1,024,368.16. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.72% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Scotiabank lowered shares of Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $34.00 price target on the stock. in a report on Friday, November 11th. They noted that the move was a valuation call. TheStreet downgraded Freeport-McMoRan from a “b-” rating to a “c” rating in a report on Thursday, October 20th. Deutsche Bank Aktiengesellschaft increased their price objective on Freeport-McMoRan from $30.00 to $35.00 in a report on Wednesday. Exane BNP Paribas cut Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $29.00 target price on the stock. in a research note on Thursday, October 6th. Finally, Royal Bank of Canada decreased their target price on Freeport-McMoRan from $35.00 to $34.00 and set a “sector perform” rating for the company in a report on Friday, October 21st. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $38.07.

Freeport-McMoRan Company Profile

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Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

See Also

Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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