Twinbeech Capital LP Takes $30.82 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Twinbeech Capital LP bought a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 809,316 shares of the natural resource company's stock, valued at approximately $30,819,000. Twinbeech Capital LP owned 0.06% of Freeport-McMoRan as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in FCX. Asset Planning Inc bought a new position in shares of Freeport-McMoRan during the fourth quarter valued at about $25,000. Mizuho Bank Ltd. purchased a new position in shares of Freeport-McMoRan during the fourth quarter valued at about $26,000. Vision Financial Markets LLC purchased a new position in shares of Freeport-McMoRan during the fourth quarter valued at about $27,000. Roxbury Financial LLC purchased a new position in shares of Freeport-McMoRan during the fourth quarter valued at about $28,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in shares of Freeport-McMoRan during the fourth quarter valued at about $29,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on FCX. Jefferies Financial Group reiterated a "buy" rating and set a $50.00 price target (up previously from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Raymond James restated an "outperform" rating and issued a $52.00 price objective on shares of Freeport-McMoRan in a report on Friday, April 25th. Wall Street Zen cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Tuesday, April 8th. BMO Capital Markets cut their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a report on Friday, January 24th. Finally, Scotiabank upped their price objective on shares of Freeport-McMoRan from $40.00 to $43.00 and gave the stock a "sector perform" rating in a report on Wednesday, May 14th. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, Freeport-McMoRan has an average rating of "Moderate Buy" and a consensus price target of $48.36.

Freeport-McMoRan Stock Up 3.6%

FCX traded up $1.34 during trading hours on Friday, hitting $39.04. 15,293,626 shares of the company's stock were exchanged, compared to its average volume of 13,486,604. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $53.89. The firm has a 50 day moving average of $36.49 and a 200 day moving average of $38.69. The firm has a market cap of $56.10 billion, a P/E ratio of 30.26, a price-to-earnings-growth ratio of 0.87 and a beta of 1.65. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.01. The firm had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The company's revenue was down 9.4% on a year-over-year basis. During the same period last year, the firm posted $0.32 EPS. Analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date of this dividend was Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio is presently 24.79%.

About Freeport-McMoRan

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.