Appian Way Asset Management LP Purchases Shares of 143,439 Freeport-McMoRan Inc. $FCX

Key Points

• Appian Way Asset Management LP has made a new investment of approximately $5.43 million in Freeport-McMoRan Inc., purchasing 143,439 shares, which represents 1.2% of their investment portfolio.
• Freeport-McMoRan reported a quarterly earnings per share (EPS) of $0.54, exceeding analysts' expectations of $0.45, with revenues of $7.58 billion for the quarter.
• The company has declared a quarterly dividend of $0.15 per share, reflecting an annualized dividend yield of 1.4% and a low dividend payout ratio of 22.73%.

Appian Way Asset Management LP 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 143,439 shares of the natural resource company's stock, valued at approximately $5,431,000. Freeport-McMoRan accounts for 1.2% of Appian Way Asset Management LP's investment portfolio, making the stock its 16th biggest position.

Several other large investors also recently added to or reduced their stakes in FCX. Brighton Jones LLC raised its stake 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 valued at $564,000 after purchasing an additional 2,882 shares during the period. Bank Pictet & Cie Europe AG increased its stake in shares of Freeport-McMoRan by 27.2% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 540,046 shares of the natural resource company's stock worth $20,565,000 after acquiring an additional 115,552 shares during the last quarter. Bison Wealth LLC increased its stake in shares of Freeport-McMoRan by 5.6% in the fourth 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 last quarter. AlTi Global Inc. acquired a new position in shares of Freeport-McMoRan in the fourth quarter worth $225,000. Finally, AXA S.A. increased its stake in shares of Freeport-McMoRan by 375.2% in the fourth quarter. AXA S.A. now owns 165,803 shares of the natural resource company's stock worth $6,314,000 after acquiring an additional 130,914 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 0.7%

NYSE:FCX traded up $0.30 during trading hours on Friday, reaching $46.37. The company's stock had a trading volume of 8,068,482 shares, compared to its average volume of 9,633,279. The company has a market cap of $66.58 billion, a price-to-earnings ratio of 35.13, a price-to-earnings-growth ratio of 0.87 and a beta of 1.59. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $52.61. The business's 50-day moving average is $43.64 and its 200-day moving average is $39.86. 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 issued its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.09. The firm had revenue of $7.58 billion during 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%. Freeport-McMoRan's revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.46 earnings per share. Equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

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

Wall Street Analyst Weigh In

FCX has been the topic of a number of research reports. Hsbc Global Res downgraded shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 22nd. Morgan Stanley downgraded shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and upped their price target for the stock from $45.00 to $54.00 in a research note on Tuesday, July 15th. Royal Bank Of Canada upped their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Stifel Canada raised shares of Freeport-McMoRan to a "strong-buy" rating in a research note on Tuesday, July 8th. Finally, Stifel Nicolaus began coverage on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a "buy" rating and a $56.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price 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.