Cantor Fitzgerald Investment Advisors L.P. Acquires 25,400 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Cantor Fitzgerald Investment Advisors L.P. increased its stake in Freeport-McMoRan Inc. by 189.9%, acquiring an additional 25,400 shares during the second quarter, bringing its total holdings to 38,773 shares valued at approximately $1.68 million.
• Freeport-McMoRan recently reported earnings of $0.54 per share, exceeding analysts' expectations of $0.45, with a revenue of $7.58 billion for the quarter, representing a 14.5% year-over-year increase.
• The company declared a quarterly dividend of $0.15 per share, set to be paid on November 3rd, which reflects an annualized yield of 1.5%.

Cantor Fitzgerald Investment Advisors L.P. boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 189.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 38,773 shares of the natural resource company's stock after buying an additional 25,400 shares during the period. Cantor Fitzgerald Investment Advisors L.P.'s holdings in Freeport-McMoRan were worth $1,681,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in FCX. Nuveen LLC bought a new stake in Freeport-McMoRan during the first quarter valued at $366,959,000. Amundi boosted its stake in Freeport-McMoRan by 28.1% during the first quarter. Amundi now owns 27,635,497 shares of the natural resource company's stock valued at $1,046,280,000 after buying an additional 6,054,537 shares during the period. Crake Asset Management LLP boosted its stake in Freeport-McMoRan by 2,140.8% during the first quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company's stock valued at $224,496,000 after buying an additional 5,665,000 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Freeport-McMoRan by 17.8% during the first 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 buying an additional 5,661,958 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in Freeport-McMoRan by 13.7% during the first 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 last quarter. Institutional investors own 80.77% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on FCX shares. Jefferies Financial Group reaffirmed a "buy" rating and set a $46.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, September 24th. Raymond James Financial dropped their price target on Freeport-McMoRan from $55.00 to $46.00 and set an "outperform" rating for the company in a research note on Thursday, September 25th. UBS Group dropped their price target on Freeport-McMoRan from $50.00 to $42.50 and set a "neutral" rating for the company in a research note on Thursday, September 25th. Hsbc Global Res lowered Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 22nd. Finally, Scotiabank reaffirmed a "sector perform" rating and set a $45.00 price target (down previously from $55.00) on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and an average target price of $46.49.

Freeport-McMoRan Trading Down 0.3%

NYSE FCX opened at $39.11 on Thursday. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $51.45. 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 50-day moving average of $42.69 and a 200-day moving average of $40.54. The firm has a market cap of $56.15 billion, a PE ratio of 29.63, a price-to-earnings-growth ratio of 0.72 and a beta of 1.59.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The company had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. During the same quarter in the previous year, the company posted $0.46 EPS. Freeport-McMoRan's revenue for the quarter was up 14.5% on a year-over-year basis. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

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

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.

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