230,000 Shares in Freeport-McMoRan Inc. $FCX Bought by Mercuria Capital Strategies LLC

Mercuria Capital Strategies LLC purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 230,000 shares of the natural resource company's stock, valued at approximately $9,970,000. Freeport-McMoRan accounts for about 2.7% of Mercuria Capital Strategies LLC's portfolio, making the stock its 6th biggest position.

A number of other institutional investors also recently added to or reduced their stakes in FCX. Brighton Jones LLC boosted its position in Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock worth $564,000 after acquiring an additional 2,882 shares during the period. Bison Wealth LLC boosted its position in Freeport-McMoRan by 5.6% during the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company's stock worth $366,000 after acquiring an additional 507 shares during the period. Park Avenue Securities LLC boosted its position in Freeport-McMoRan by 5.2% during the 1st quarter. Park Avenue Securities LLC now owns 27,055 shares of the natural resource company's stock worth $1,024,000 after acquiring an additional 1,341 shares during the period. City Holding Co. acquired a new position in Freeport-McMoRan during the 1st quarter worth $33,000. Finally, Farther Finance Advisors LLC boosted its position in Freeport-McMoRan by 5.1% during the 1st quarter. Farther Finance Advisors LLC now owns 26,864 shares of the natural resource company's stock worth $1,024,000 after acquiring an additional 1,308 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Stock Up 5.3%

NYSE:FCX opened at $42.85 on Thursday. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $50.28. The business's fifty day moving average price is $42.43 and its 200 day moving average price is $40.56. The firm has a market capitalization of $61.52 billion, a price-to-earnings ratio of 32.46, a PEG ratio of 0.90 and a beta of 1.58.

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

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. Freeport-McMoRan's dividend payout ratio is currently 22.73%.

Analyst Ratings Changes

Several analysts have recently weighed in on FCX shares. Bank of America upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $42.00 price objective for the company in a report on Tuesday, September 30th. Citigroup upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $48.00 price objective for the company in a report on Wednesday. JPMorgan Chase & Co. cut their price objective on Freeport-McMoRan from $56.00 to $46.00 and set an "overweight" rating for the company in a report on Thursday, September 25th. Stifel Nicolaus started coverage on Freeport-McMoRan in a report on Wednesday, July 9th. They issued a "buy" rating and a $56.00 price objective for the company. Finally, Wall Street Zen lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Friday, September 26th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $46.37.

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.

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