Caxton Associates LLP Invests $3.79 Million in Freeport-McMoRan Inc. $FCX

Key Points

• Caxton Associates LLP has purchased 100,000 shares of Freeport-McMoRan Inc. valued at approximately $3.79 million, according to a recent filing with the SEC.
• Freeport-McMoRan reported a Q2 earnings per share of $0.54, exceeding estimates and reflecting a revenue increase of 14.5% year-over-year.
• The company's recent quarterly dividend of $0.15 per share yields 1.3% and has a payout ratio of 22.73%.

Caxton Associates LLP bought a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund bought 100,000 shares of the natural resource company's stock, valued at approximately $3,786,000.

A number of other hedge funds also recently modified their holdings of the business. City Holding Co. purchased a new position in shares of Freeport-McMoRan during the first quarter valued at $33,000. Bernard Wealth Management Corp. purchased a new position in Freeport-McMoRan during the 4th quarter valued at about $35,000. Dagco Inc. purchased a new position in Freeport-McMoRan during the 1st quarter valued at about $37,000. CKW Financial Group acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at about $40,000. Finally, Greykasell Wealth Strategies Inc. purchased a new stake in shares of Freeport-McMoRan in the first quarter worth approximately $42,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Stock Up 2.2%

Shares of FCX stock traded up $0.98 on Thursday, hitting $45.86. The company's stock had a trading volume of 14,918,063 shares, compared to its average volume of 15,438,299. The stock has a market capitalization of $65.84 billion, a price-to-earnings ratio of 34.74, a P/E/G ratio of 0.83 and a beta of 1.59. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The firm's fifty day moving average price is $43.69 and its 200-day moving average price is $40.00. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The firm had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. During the same period in the prior year, the business posted $0.46 earnings per share. The business's quarterly revenue was up 14.5% on a year-over-year basis. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Tuesday, July 15th. Freeport-McMoRan's payout ratio is presently 22.73%.

Analysts Set New Price Targets

FCX has been the subject of several research reports. Royal Bank Of Canada raised their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. Stifel Canada raised shares of Freeport-McMoRan to a "strong-buy" rating in a research note on Tuesday, July 8th. Wall Street Zen raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. JPMorgan Chase & Co. increased their price objective on Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Finally, Scotiabank boosted their target price on Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a research note on Wednesday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.00.

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.