Pallas Capital Advisors LLC Boosts Stake in Freeport-McMoRan Inc. $FCX

Key Points

• Pallas Capital Advisors LLC increased its stake in Freeport-McMoRan by 111.1% during the second quarter, now holding 38,775 shares valued at approximately $1.68 million.
• Freeport-McMoRan reported earnings of $0.54 per share, surpassing estimates, with revenues of $7.58 billion for the quarter, a 14.5% increase year-over-year.
• The company declared a quarterly dividend of $0.15 per share, resulting in an annualized dividend yield of 1.3%.

Pallas Capital Advisors LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 111.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 38,775 shares of the natural resource company's stock after acquiring an additional 20,407 shares during the quarter. Pallas Capital Advisors LLC's holdings in Freeport-McMoRan were worth $1,681,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. City Holding Co. bought a new stake in shares of Freeport-McMoRan in the first quarter valued at about $33,000. Bernard Wealth Management Corp. acquired a new stake in Freeport-McMoRan during the 4th quarter worth about $35,000. Dagco Inc. bought a new position in Freeport-McMoRan in the 1st quarter valued at about $37,000. CKW Financial Group purchased a new stake in shares of Freeport-McMoRan during the 1st quarter worth approximately $40,000. Finally, Greykasell Wealth Strategies Inc. bought a new position in Freeport-McMoRan in the 1st quarter valued at $42,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 0.1%

Shares of NYSE FCX traded up $0.03 during mid-day trading on Friday, reaching $44.96. 21,115,490 shares of the company's stock were exchanged, compared to its average volume of 11,596,498. 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 firm has a market capitalization of $64.55 billion, a price-to-earnings ratio of 34.06, a PEG ratio of 0.84 and a beta of 1.59. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $52.61. The business has a fifty day simple moving average of $43.57 and a 200 day simple moving average of $40.43.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. The company had revenue of $7.58 billion during the quarter, compared to analysts' expectations of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The business's revenue was up 14.5% on a year-over-year basis. During the same period last year, the firm posted $0.46 earnings per share. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS 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 issued 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 dividend payout ratio is 22.73%.

Analyst Upgrades and Downgrades

FCX has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. UBS Group lowered shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and raised their target price for the stock from $45.00 to $50.00 in a report on Friday, July 11th. BNP Paribas Exane boosted their price target on shares of Freeport-McMoRan from $52.00 to $56.00 and gave the company an "outperform" rating in a report on Monday, September 15th. Wall Street Zen raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, Citigroup lifted their price objective on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $51.33.

Freeport-McMoRan 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.