Autumn Glory Partners LLC Takes $281,000 Position in Freeport-McMoRan Inc. $FCX

Key Points

• Autumn Glory Partners LLC has acquired a new position in Freeport-McMoRan Inc., investing approximately $281,000 for 6,475 shares in the second quarter.
• Several institutional investors have increased their stakes in Freeport-McMoRan, with Vanguard Group Inc. raising its holdings by 1.5% to own over 125 million shares, while Price T Rowe Associates Inc. increased holdings by 17.8%.
• Analysts have mixed views on the stock, with price targets ranging from $42.00 to $56.00, but overall, Freeport-McMoRan holds a consensus rating of "Moderate Buy" with an average target price of $46.74.

Autumn Glory Partners LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 6,475 shares of the natural resource company's stock, valued at approximately $281,000.

Several other institutional investors and hedge funds also recently made changes to their positions in FCX. Vanguard Group Inc. boosted its stake in Freeport-McMoRan by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company's stock worth $4,734,101,000 after purchasing an additional 1,822,987 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of 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 valued at $1,421,549,000 after purchasing an additional 5,661,958 shares during the period. Amundi raised its holdings in shares of Freeport-McMoRan by 28.1% in the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company's stock valued at $1,046,280,000 after purchasing an additional 6,054,537 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of 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 valued at $830,726,000 after purchasing an additional 2,642,810 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in Freeport-McMoRan by 16.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company's stock valued at $498,270,000 after buying an additional 1,815,285 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Wall Street Analyst Weigh In

FCX has been the topic of a number of research reports. JPMorgan Chase & Co. decreased their price target on shares of Freeport-McMoRan from $56.00 to $46.00 and set an "overweight" rating on the stock in a research note on Thursday, September 25th. Bank of America upgraded shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $42.00 price target on the stock in a research report on Tuesday, September 30th. Stifel Nicolaus started coverage on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a "buy" rating and a $56.00 price objective for the company. BNP Paribas Exane dropped their price objective on shares of Freeport-McMoRan from $56.00 to $52.00 and set an "outperform" rating for the company in a research note on Thursday, September 25th. Finally, Clarkson Capital reaffirmed a "neutral" rating and set a $42.00 price target on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $46.74.

Freeport-McMoRan Trading Up 2.0%

NYSE:FCX opened at $39.66 on Monday. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $56.94 billion, a price-to-earnings ratio of 30.05, a PEG ratio of 0.87 and a beta of 1.58. The firm has a fifty day simple moving average of $42.47 and a two-hundred day simple moving average of $40.54. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $51.19.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.09. The business 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%. The business's quarterly revenue was up 14.5% on a year-over-year basis. During the same period last year, the company posted $0.46 earnings per share. Analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan's dividend payout ratio (DPR) is presently 22.73%.

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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