Adage Capital Partners GP L.L.C. Has $58.74 Million Stock Holdings in Freeport-McMoRan Inc. $FCX

Key Points

• Adage Capital Partners GP L.L.C. increased its holdings in Freeport-McMoRan Inc. by 27.4%, acquiring an additional 334,000 shares during the first quarter, bringing their total to approximately $58.7 million.
• Freeport-McMoRan's stock recently opened at $44.90 and has a market capitalization of $64.47 billion, with a one-year price range between $27.66 and $52.61.
• The company reported a $0.54 EPS for the last quarter, surpassing analyst expectations, with revenue reaching $7.58 billion, reflecting a 14.5% year-over-year increase.

Adage Capital Partners GP L.L.C. lifted its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 27.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,551,500 shares of the natural resource company's stock after acquiring an additional 334,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.11% of Freeport-McMoRan worth $58,740,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. City Holding Co. acquired a new position in shares of Freeport-McMoRan in the 1st quarter worth approximately $33,000. Bernard Wealth Management Corp. acquired a new position in Freeport-McMoRan during the 4th quarter valued at approximately $35,000. Dagco Inc. acquired a new position in Freeport-McMoRan during the 1st quarter valued at approximately $37,000. Greykasell Wealth Strategies Inc. acquired a new position in Freeport-McMoRan during the 1st quarter valued at approximately $42,000. Finally, Wolff Wiese Magana LLC boosted its position in Freeport-McMoRan by 38.2% during the 1st quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company's stock valued at $44,000 after purchasing an additional 319 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.

Analyst Upgrades and Downgrades

FCX has been the subject of a number of analyst reports. Wall Street Zen upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. JPMorgan Chase & Co. boosted their price objective on Freeport-McMoRan from $42.00 to $56.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Royal Bank Of Canada boosted their price objective on Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. Stifel Canada upgraded Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday, July 8th. Finally, Bank of America reiterated a "neutral" rating and set a $56.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $51.00.

Freeport-McMoRan Price Performance

Shares of FCX traded up $0.30 during midday trading on Friday, reaching $46.37. The stock had a trading volume of 8,068,482 shares, compared to its average volume of 9,633,279. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The firm's 50 day moving average price is $43.64 and its 200-day moving average price is $39.87. The company has a market capitalization of $66.58 billion, a P/E ratio of 35.13, a P/E/G ratio of 0.88 and a beta of 1.59.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $6.85 billion. During the same quarter in the previous year, the business earned $0.46 EPS. The company's quarterly revenue was up 14.5% compared to the same quarter last year. On average, 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. Stockholders of record on Tuesday, July 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Tuesday, July 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.