Albar Capital Partners LLP Takes $16.37 Million Position in Freeport-McMoRan Inc. $FCX

Key Points

• Albar Capital Partners LLP acquired a new stake in Freeport-McMoRan Inc., purchasing 432,342 shares valued at approximately $16.37 million, making it the fund's 5th largest holding.
• Freeport-McMoRan recently reported earnings of $0.54 per share, exceeding analyst expectations of $0.45 and reflecting a year-over-year revenue increase of 14.5% to $7.58 billion.
• The company declared a quarterly dividend of $0.15 per share, with an annual yield of 1.4%, highlighting its commitment to shareholder returns.

Albar Capital Partners LLP purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 432,342 shares of the natural resource company's stock, valued at approximately $16,368,000. Freeport-McMoRan comprises 7.4% of Albar Capital Partners LLP's holdings, making the stock its 5th biggest holding.

Several other hedge funds have also recently added to or reduced their stakes in FCX. Nuveen LLC acquired a new position in Freeport-McMoRan in the first quarter worth approximately $366,959,000. Price T Rowe Associates Inc. MD boosted its stake in Freeport-McMoRan by 17.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company's stock worth $1,421,549,000 after purchasing an additional 5,661,958 shares during the period. Bank of New York Mellon Corp boosted its stake in Freeport-McMoRan by 13.7% in the 1st quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company's stock worth $830,726,000 after purchasing an additional 2,642,810 shares during the period. Phoenix Financial Ltd. boosted its stake in Freeport-McMoRan by 1,354.9% in the 1st quarter. Phoenix Financial Ltd. now owns 2,641,129 shares of the natural resource company's stock worth $100,001,000 after purchasing an additional 2,459,598 shares during the period. Finally, Wellington Management Group LLP boosted its stake in Freeport-McMoRan by 26.2% in the 1st quarter. Wellington Management Group LLP now owns 11,634,713 shares of the natural resource company's stock worth $440,490,000 after purchasing an additional 2,416,195 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock traded up $0.50 during trading hours on Tuesday, hitting $44.90. 12,145,014 shares of the stock were exchanged, compared to its average volume of 15,512,555. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. The stock has a market capitalization of $64.47 billion, a P/E ratio of 34.02, a P/E/G ratio of 0.84 and a beta of 1.59. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61. The business's 50-day moving average is $43.41 and its two-hundred day moving average is $39.68.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $7.58 billion for the quarter, compared to analysts' expectations of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company's quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.46 earnings per share. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Stifel Canada raised shares of Freeport-McMoRan to a "strong-buy" rating in a research note on Tuesday, July 8th. BMO Capital Markets decreased their target price on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a research note on Thursday, July 24th. Royal Bank Of Canada lifted their target price on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. Morgan Stanley lowered shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and lifted their price objective for the company from $45.00 to $54.00 in a research note on Tuesday, July 15th. Finally, UBS Group lowered shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $45.00 to $50.00 in a research note on Friday, July 11th. 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's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $51.00.

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.