Resolute Capital Asset Partners LLC Purchases New Shares in Freeport-McMoRan Inc. $FCX

Key Points

• Resolute Capital Asset Partners LLC purchased 65,000 shares of Freeport-McMoRan Inc. during Q1, valued at approximately $2.46 million, making it the 25th largest holding in their investment portfolio.
• Freeport-McMoRan reported earnings of $0.54 per share for the latest quarter, exceeding analysts' expectations of $0.45, with a significant revenue increase of 14.5% year-over-year.
• The company declared a quarterly dividend of $0.15, yielding 1.4%, with a payout ratio of 22.73% as of the latest earnings report.

Resolute Capital Asset Partners LLC bought a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 65,000 shares of the natural resource company's stock, valued at approximately $2,461,000. Freeport-McMoRan accounts for about 1.4% of Resolute Capital Asset Partners LLC's investment portfolio, making the stock its 25th largest holding.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. increased its stake in Freeport-McMoRan by 1.5% in the first quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company's stock worth $4,734,101,000 after purchasing an additional 1,822,987 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Freeport-McMoRan by 17.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company's stock worth $1,421,549,000 after purchasing an additional 5,661,958 shares during the period. Bank of New York Mellon Corp increased its stake in Freeport-McMoRan by 13.7% in the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company's stock worth $830,726,000 after purchasing an additional 2,642,810 shares during the period. Northern Trust Corp increased its stake in Freeport-McMoRan by 8.8% in the fourth quarter. Northern Trust Corp now owns 16,441,112 shares of the natural resource company's stock worth $626,078,000 after purchasing an additional 1,335,181 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Freeport-McMoRan by 16.0% in the first quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company's stock worth $498,270,000 after purchasing an additional 1,815,285 shares during the period. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $43.24 on Friday. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $52.61. The stock's 50-day moving average is $43.04 and its 200 day moving average is $39.42. The company has a market cap of $62.08 billion, a P/E ratio of 32.76, a PEG ratio of 0.79 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data 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. 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 last year, the company earned $0.46 earnings per share. The firm's revenue for the quarter was up 14.5% compared to the same quarter last year. Research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 22.73%.

Insider Buying and Selling

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the sale, the chief accounting officer directly owned 48,333 shares in the company, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.75% of the company's stock.

Analysts Set New Price Targets

FCX has been the topic of a number of recent research reports. UBS Group downgraded Freeport-McMoRan from a "buy" rating to a "neutral" rating and increased their price target for the stock from $45.00 to $50.00 in a research report on Friday, July 11th. Citigroup increased their price target on Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. BMO Capital Markets dropped their price target on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating on the stock in a research report on Thursday, July 24th. Raymond James Financial reissued an "outperform" rating and set a $52.00 price target on shares of Freeport-McMoRan in a research report on Friday, April 25th. Finally, JPMorgan Chase & Co. increased their price target on Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $51.00.

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.

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