Freeport-McMoRan Inc. $FCX Shares Bought by Graham Capital Management L.P.

Key Points

• Graham Capital Management increased its stake in Freeport-McMoRan by 116.6% in the fourth quarter, ending with 79,802 shares valued at about $4.05 million.
• Analysts remain broadly positive on FCX, with a consensus rating of Moderate Buy and an average price target of $67.31, though several firms recently adjusted their targets up or down.
• Freeport-McMoRan reported strong quarterly results, including EPS of $0.57 versus the expected $0.47 and revenue of $6.23 billion, while also paying a quarterly dividend of $0.075 per share.

Graham Capital Management L.P. raised its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 116.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,802 shares of the natural resource company's stock after acquiring an additional 42,953 shares during the period. Graham Capital Management L.P.'s holdings in Freeport-McMoRan were worth $4,053,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Leo Wealth LLC boosted its stake in Freeport-McMoRan by 2.5% in the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company's stock valued at $347,000 after acquiring an additional 170 shares in the last quarter. Physician Wealth Advisors Inc. boosted its stake in Freeport-McMoRan by 23.5% in the fourth quarter. Physician Wealth Advisors Inc. now owns 924 shares of the natural resource company's stock valued at $47,000 after acquiring an additional 176 shares in the last quarter. Castle Rock Wealth Management LLC boosted its stake in Freeport-McMoRan by 3.3% in 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 acquiring an additional 180 shares in the last quarter. GW&K Investment Management LLC boosted its stake in Freeport-McMoRan by 11.1% in 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 acquiring an additional 184 shares in the last quarter. Finally, Private Trust Co. NA boosted its stake in Freeport-McMoRan by 6.7% in the fourth quarter. Private Trust Co. NA now owns 3,119 shares of the natural resource company's stock valued at $158,000 after acquiring an additional 195 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on FCX shares. UBS Group upped their price objective on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the company a "buy" rating in a research note on Thursday, May 21st. JPMorgan Chase & Co. reduced their target price on shares of Freeport-McMoRan from $76.00 to $73.00 and set an "overweight" rating for the company in a report on Monday, April 27th. Citigroup decreased their target price on shares of Freeport-McMoRan from $67.00 to $66.00 and set a "buy" rating for the company in a research note on Friday, May 1st. Bank of America increased their target price on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the stock a "buy" rating in a research note on Thursday, February 26th. Finally, Wells Fargo & Company decreased their target price on shares of Freeport-McMoRan from $77.00 to $68.00 and set an "overweight" rating for the company in a research note on Friday, April 24th. Two 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, the stock has a consensus rating of "Moderate Buy" and an average price target of $67.31.

Freeport-McMoRan Price Performance

Shares of FCX opened at $70.16 on Wednesday. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.09. The company has a market capitalization of $100.85 billion, a price-to-earnings ratio of 37.32, a price-to-earnings-growth ratio of 0.86 and a beta of 1.35. The firm has a 50-day simple moving average of $64.59 and a 200-day simple moving average of $59.58. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39.

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

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were issued a dividend of $0.075 per share. 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 dividend payout ratio is currently 15.96%.

Freeport-McMoRan 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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