Sivia Capital Partners LLC Acquires New Stake in Freeport-McMoRan Inc. $FCX

Key Points

• Sivia Capital Partners LLC has acquired 12,925 shares of Freeport-McMoRan, worth approximately $560,000, marking a significant investment in the natural resource company.
• Freeport-McMoRan reported earnings of $0.54 per share for the last quarter, surpassing analysts' expectations, with revenue at $7.58 billion, a 14.5% increase from the previous year.
• The company has a strong market presence, with institutional investors holding 80.77% of its shares and recent ratings suggesting a favorable outlook with target prices as high as $56.00.

Sivia Capital Partners LLC purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 12,925 shares of the natural resource company's stock, valued at approximately $560,000.

A number of other large investors have also recently modified their holdings of the business. Gilman Hill Asset Management LLC boosted its position in shares of Freeport-McMoRan by 1.3% during the 2nd quarter. Gilman Hill Asset Management LLC now owns 140,088 shares of the natural resource company's stock valued at $6,073,000 after acquiring an additional 1,778 shares during the last quarter. Pallas Capital Advisors LLC raised its holdings in shares of Freeport-McMoRan by 111.1% during the 2nd quarter. Pallas Capital Advisors LLC now owns 38,775 shares of the natural resource company's stock valued at $1,681,000 after buying an additional 20,407 shares in the last quarter. Mirador Capital Partners LP raised its holdings in shares of Freeport-McMoRan by 2.0% during the 2nd quarter. Mirador Capital Partners LP now owns 74,050 shares of the natural resource company's stock valued at $3,210,000 after buying an additional 1,480 shares in the last quarter. Aaron Wealth Advisors LLC raised its holdings in shares of Freeport-McMoRan by 2.6% during the 2nd quarter. Aaron Wealth Advisors LLC now owns 391,864 shares of the natural resource company's stock valued at $16,987,000 after buying an additional 9,783 shares in the last quarter. Finally, Financiere des Professionnels Fonds d investissement inc. purchased a new position in shares of Freeport-McMoRan during the 2nd quarter valued at about $2,877,000. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Trading Up 0.1%

Shares of FCX traded up $0.03 during mid-day trading on Friday, hitting $44.96. 21,115,490 shares of the company's stock traded hands, compared to its average volume of 11,596,498. 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 1 year low of $27.66 and a 1 year high of $52.61. The firm has a market capitalization of $64.55 billion, a P/E ratio of 34.06, a PEG ratio of 0.84 and a beta of 1.59. The business's 50-day moving average price is $43.57 and its 200-day moving average price is $40.42.

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

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were given a dividend of $0.15 per share. The ex-dividend date was Tuesday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. Freeport-McMoRan's payout ratio is currently 22.73%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Citigroup raised their price objective on Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. BNP Paribas Exane lifted their price target on Freeport-McMoRan from $52.00 to $56.00 and gave the stock an "outperform" rating in a research note on Monday, September 15th. Wall Street Zen raised Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Morgan Stanley cut Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and lifted their price target for the stock from $45.00 to $54.00 in a research note on Tuesday, July 15th. Finally, Bank of America reaffirmed a "neutral" rating and issued a $56.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.33.

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.