Point72 Europe London LLP Purchases Shares of 79,500 Freeport-McMoRan Inc. $FCX

Key Points

• Point72 Europe London LLP acquired 79,500 shares of Freeport-McMoRan Inc. valued at approximately $3,010,000, as reported in a recent SEC filing.
• Analyst ratings for Freeport-McMoRan vary, with two analysts recommending a Strong Buy and several others adjusting price targets, indicating mixed sentiments in the market.
• Freeport-McMoRan recently announced a quarterly dividend of $0.15 per share, equating to an annual yield of 1.4% and a payout ratio of 22.73%.

Point72 Europe London LLP acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm acquired 79,500 shares of the natural resource company's stock, valued at approximately $3,010,000.

Several other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC lifted its position in shares of Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock valued at $564,000 after acquiring an additional 2,882 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its stake in Freeport-McMoRan by 27.2% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 540,046 shares of the natural resource company's stock worth $20,565,000 after purchasing an additional 115,552 shares during the period. AQR Capital Management LLC grew its holdings in Freeport-McMoRan by 127.8% during the 4th quarter. AQR Capital Management LLC now owns 792,901 shares of the natural resource company's stock valued at $30,194,000 after buying an additional 444,763 shares in the last quarter. Bison Wealth LLC raised its position in shares of Freeport-McMoRan by 5.6% during the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company's stock valued at $366,000 after buying an additional 507 shares during the last quarter. Finally, Freestone Grove Partners LP purchased a new position in shares of Freeport-McMoRan in the fourth quarter worth $581,000. Institutional investors own 80.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FCX. JPMorgan Chase & Co. lifted their price target on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the company an "overweight" rating in a report on Wednesday, July 9th. Royal Bank Of Canada lifted their target price on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. Morgan Stanley lowered Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and increased their price target for the company from $45.00 to $54.00 in a research note on Tuesday, July 15th. UBS Group downgraded Freeport-McMoRan from a "buy" rating to a "neutral" rating and lifted their price objective for the stock from $45.00 to $50.00 in a research note on Friday, July 11th. Finally, Scotiabank increased their target price on Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a research report on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of "Moderate Buy" and an average target price of $51.00.

Insider Buying and Selling

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the sale, the chief accounting officer owned 48,333 shares in the company, valued at $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.75% of the stock is owned by company insiders.

Freeport-McMoRan Stock Up 0.1%

NYSE FCX opened at $44.42 on Friday. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61. The firm has a market capitalization of $63.78 billion, a price-to-earnings ratio of 33.65, a PEG ratio of 0.84 and a beta of 1.63. The company has a fifty day moving average of $43.34 and a two-hundred day moving average of $39.65.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.45 by $0.09. The company had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The firm's revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.46 EPS. On average, analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were issued a dividend of $0.15 per share. The ex-dividend date was Tuesday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. Freeport-McMoRan's payout ratio is presently 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.

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