Castle Hook Partners LP Buys New Shares in Freeport-McMoRan Inc. $FCX

Castle Hook Partners LP bought a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,534,298 shares of the natural resource company's stock, valued at approximately $179,507,000. Freeport-McMoRan comprises 0.7% of Castle Hook Partners LP's investment portfolio, making the stock its 22nd largest position. Castle Hook Partners LP owned approximately 0.25% of Freeport-McMoRan at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Leo Wealth LLC lifted its stake in Freeport-McMoRan by 2.5% during the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company's stock valued at $347,000 after purchasing an additional 170 shares during the last quarter. Physician Wealth Advisors Inc. lifted its stake in Freeport-McMoRan by 23.5% during the fourth quarter. Physician Wealth Advisors Inc. now owns 924 shares of the natural resource company's stock valued at $47,000 after purchasing an additional 176 shares during the last quarter. Castle Rock Wealth Management LLC lifted its stake in Freeport-McMoRan by 3.3% during the fourth quarter. Castle Rock Wealth Management LLC now owns 5,687 shares of the natural resource company's stock valued at $289,000 after purchasing an additional 180 shares during the last quarter. GW&K Investment Management LLC lifted its stake in Freeport-McMoRan by 11.1% during the fourth quarter. GW&K Investment Management LLC now owns 1,840 shares of the natural resource company's stock valued at $93,000 after purchasing an additional 184 shares during the last quarter. Finally, Private Trust Co. NA lifted its stake in Freeport-McMoRan by 6.7% during the fourth quarter. Private Trust Co. NA now owns 3,119 shares of the natural resource company's stock valued at $158,000 after purchasing an additional 195 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

FCX stock opened at $68.95 on Thursday. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $99.12 billion, a price-to-earnings ratio of 36.67, a P/E/G ratio of 0.86 and a beta of 1.35. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.28. The firm has a 50 day moving average of $64.74 and a two-hundred day moving average of $59.77.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.47 by $0.10. The company had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company's revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.24 earnings per share. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 2.51 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan's payout ratio is currently 15.96%.

Wall Street Analysts Forecast Growth

FCX has been the subject of several recent research reports. Barclays initiated coverage on shares of Freeport-McMoRan in a research note on Thursday, May 21st. They set an "overweight" rating and a $77.00 target price for the company. JPMorgan Chase & Co. cut their price target on shares of Freeport-McMoRan from $76.00 to $73.00 and set an "overweight" rating on the stock in a report on Monday, April 27th. Raymond James Financial cut their price target on shares of Freeport-McMoRan from $72.00 to $68.00 and set an "outperform" rating on the stock in a report on Friday, April 24th. Jefferies Financial Group boosted their price target on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a "buy" rating in a report on Monday, June 8th. Finally, Weiss Ratings upgraded shares of Freeport-McMoRan from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Freeport-McMoRan currently has an average rating of "Moderate Buy" and a consensus price target of $67.31.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

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