26,151 Shares in Freeport-McMoRan Inc. $FCX Acquired by Bull Harbor Capital LLC

Key Points

• Bull Harbor Capital acquired 26,151 shares of Freeport-McMoRan in the first quarter, valued at approximately $1.54 million. Institutional investors and hedge funds collectively own 80.77% of FCX.
• Analysts remain broadly positive, with one Strong Buy, 18 Buy, and four Hold ratings. The stock has a consensus “Moderate Buy” rating and an average price target of $70.27.
• Freeport-McMoRan reported quarterly EPS of $0.74, beating estimates of $0.62, while revenue reached $7.03 billion versus expectations of $6.62 billion. The company also declared a quarterly dividend of $0.075 per share, equivalent to a 0.5% annualized yield.

Bull Harbor Capital LLC acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 26,151 shares of the natural resource company's stock, valued at approximately $1,537,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Strategic Investment Solutions Inc. IL purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth $25,000. Steph & Co. boosted its holdings in Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company's stock valued at $29,000 after purchasing an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC purchased a new stake in Freeport-McMoRan in the first quarter valued at $29,000. Kemnay Advisory Services Inc. acquired a new stake in Freeport-McMoRan during the 4th quarter worth about $29,000. Finally, SHP Wealth Management acquired a new stake in Freeport-McMoRan during the 4th quarter worth about $30,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Scotiabank lifted their price objective on Freeport-McMoRan from $67.00 to $77.00 and gave the company a "sector outperform" rating in a research note on Monday, June 15th. BNP Paribas Exane upped their target price on Freeport-McMoRan from $71.00 to $82.00 and gave the stock an "outperform" rating in a research note on Thursday, June 18th. Jefferies Financial Group lifted their target price on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a "buy" rating in a report on Monday, June 8th. CICC Research cut their price target on Freeport-McMoRan from $64.40 to $63.40 and set an "outperform" rating for the company in a research note on Tuesday, April 28th. Finally, Stifel Nicolaus upped their price objective on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a "buy" rating in a research report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $70.27.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $59.94 on Thursday. The stock has a market capitalization of $86.16 billion, a price-to-earnings ratio of 29.53, a price-to-earnings-growth ratio of 0.62 and a beta of 1.37. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.28. The business has a 50-day moving average of $63.66 and a 200 day moving average of $62.51.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.62 billion. During the same period in the previous year, the firm posted $0.54 EPS. Freeport-McMoRan's revenue for the quarter was down 7.3% on a year-over-year basis. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.75 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be issued a $0.075 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan's dividend payout ratio is presently 14.78%.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

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