Balefire LLC Makes New $1.26 Million Investment in Freeport-McMoRan Inc. $FCX

Key Points

• Balefire LLC has invested approximately $1.26 million in Freeport-McMoRan Inc., acquiring 29,092 shares during the second quarter.
• Freeport-McMoRan recently reported $0.54 EPS for the quarter, surpassing analysts' expectations of $0.45, with revenues reaching $7.58 billion.
• The company declared a quarterly dividend of $0.15 per share, which reflects an annualized dividend yield of 1.3% and a payout ratio of 22.73%.

Balefire LLC acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 29,092 shares of the natural resource company's stock, valued at approximately $1,261,000.

A number of other hedge funds also recently bought and sold shares of the company. Krilogy Financial LLC purchased a new stake in Freeport-McMoRan during the second quarter valued at $602,000. Fiduciary Alliance LLC purchased a new stake in Freeport-McMoRan in the second quarter worth about $264,000. Byrne Asset Management LLC increased its position in Freeport-McMoRan by 6.8% in the second quarter. Byrne Asset Management LLC now owns 20,620 shares of the natural resource company's stock worth $894,000 after buying an additional 1,305 shares in the last quarter. Czech National Bank increased its position in Freeport-McMoRan by 6.4% in the second quarter. Czech National Bank now owns 351,058 shares of the natural resource company's stock worth $15,218,000 after buying an additional 20,985 shares in the last quarter. Finally, Strategic Advocates LLC increased its position in Freeport-McMoRan by 13.2% in the second quarter. Strategic Advocates LLC now owns 17,191 shares of the natural resource company's stock worth $745,000 after buying an additional 1,999 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Trading Up 0.1%

Shares of NYSE FCX traded up $0.03 during midday trading on Friday, hitting $44.96. The company's stock had a trading volume of 21,115,490 shares, compared to its average volume of 15,379,587. 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 business's 50 day moving average is $43.60 and its two-hundred day moving average is $40.35. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The firm has a market cap of $64.55 billion, a P/E ratio of 34.06, a price-to-earnings-growth ratio of 0.84 and a beta of 1.59.

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

Freeport-McMoRan Announces Dividend

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

Analysts Set New Price Targets

A number of analysts have commented on the company. Royal Bank Of Canada upped their price target on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. Stifel Canada raised Freeport-McMoRan to a "strong-buy" rating in a research note on Tuesday, July 8th. Stifel Nicolaus started coverage on Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a "buy" rating and a $56.00 price objective for the company. UBS Group cut Freeport-McMoRan from a "buy" rating to a "neutral" rating and upped their price objective for the stock from $45.00 to $50.00 in a report on Friday, July 11th. Finally, JPMorgan Chase & Co. raised their price objective on Freeport-McMoRan from $42.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $51.33.

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.