Clare Market Investments LLC Takes Position in Freeport-McMoRan Inc. $FCX

Key Points

• Clare Market Investments LLC has acquired a new stake in Freeport-McMoRan Inc., purchasing 21,931 shares valued at approximately $951,000.
• Freeport-McMoRan recently reported quarterly earnings of $0.54 per share, exceeding analysts' expectations of $0.45, with revenues of $7.58 billion.
• The stock currently holds a consensus rating of "Moderate Buy" with an average price target of $51.33 according to MarketBeat.

Clare Market Investments LLC acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 21,931 shares of the natural resource company's stock, valued at approximately $951,000.

Several other institutional investors have also added to or reduced their stakes in FCX. City Holding Co. bought a new position in Freeport-McMoRan in the 1st quarter worth $33,000. Bernard Wealth Management Corp. bought a new position in shares of Freeport-McMoRan in the 4th quarter worth about $35,000. Dagco Inc. bought a new position in shares of Freeport-McMoRan in the 1st quarter worth about $37,000. CKW Financial Group bought a new position in shares of Freeport-McMoRan in the 1st quarter worth about $40,000. Finally, Greykasell Wealth Strategies Inc. bought a new position in shares of Freeport-McMoRan in the 1st quarter worth about $42,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

Shares of FCX stock traded up $0.58 on Tuesday, reaching $45.74. The company's stock had a trading volume of 4,955,552 shares, compared to its average volume of 15,301,072. The stock's fifty day simple moving average is $43.56 and its 200-day simple moving average is $40.51. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61. 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 company has a market capitalization of $65.66 billion, a price-to-earnings ratio of 34.64, a price-to-earnings-growth ratio of 0.84 and a beta of 1.59.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted 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. The firm had revenue of $7.58 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the firm posted $0.46 earnings per share. Analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Royal Bank Of Canada increased 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. BNP Paribas Exane increased their price objective on shares of Freeport-McMoRan from $52.00 to $56.00 and gave the company an "outperform" rating in a research report on Monday, September 15th. Hsbc Global Res downgraded shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 22nd. Morgan Stanley downgraded shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and increased their price objective for the company from $45.00 to $54.00 in a research report on Tuesday, July 15th. Finally, Stifel Canada raised shares of Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average 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.