Union Square Park Capital Management LLC Invests $1.76 Million in Freeport-McMoRan Inc. $FCX

Union Square Park Capital Management LLC acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 30,000 shares of the natural resource company's stock, valued at approximately $1,763,000. Freeport-McMoRan makes up approximately 1.0% of Union Square Park Capital Management LLC's investment portfolio, making the stock its 23rd largest holding.

A number of other institutional investors have also modified their holdings of the company. Steph & Co. raised its holdings in Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company's stock valued at $29,000 after buying an additional 150 shares during the period. Cassaday & Co Wealth Management LLC purchased a new stake in Freeport-McMoRan during the first quarter worth approximately $29,000. Strategic Investment Solutions Inc. IL purchased a new stake in Freeport-McMoRan during the fourth quarter worth approximately $25,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Freeport-McMoRan in the fourth quarter worth $29,000. Finally, Financial Life Planners acquired a new stake in shares of Freeport-McMoRan in the first quarter worth $34,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Trading Down 1.5%

FCX opened at $62.54 on Friday. The firm's 50 day moving average is $63.58 and its 200-day moving average is $62.33. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.28. The company has a quick ratio of 1.13, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $89.90 billion, a P/E ratio of 30.81, a P/E/G ratio of 0.62 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.12. The business had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business's quarterly revenue was down 7.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.54 earnings per share. Analysts expect that Freeport-McMoRan Inc. will post 2.75 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan's payout ratio is 14.78%.

Trending Headlines about Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported Q2 adjusted EPS of $0.74 and revenue of $7.03 billion, both ahead of Wall Street estimates, helped by higher realized copper and gold prices. Article Title
• Positive Sentiment: Management said the Grasberg ramp remains on schedule, U.S. operations are improving, and the brownfield copper pipeline is expanding, which supports longer-term production growth. Article Title
• Positive Sentiment: Royal Bank of Canada raised its price target on FCX to $73 from $70, signaling continued analyst confidence in the stock’s upside. Article Title
• Positive Sentiment: Several recent writeups highlighted strong income growth, free cash flow, and the benefit of firmer copper prices, reinforcing the investment case for FCX. Article Title

Analyst Ratings Changes

FCX has been the topic of a number of research reports. Jefferies Financial Group raised their target price on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a "buy" rating in a research note on Monday, June 8th. CICC Research decreased their price target on shares of Freeport-McMoRan from $64.40 to $63.40 and set an "outperform" rating for the company in a research report on Tuesday, April 28th. UBS Group increased their price target on Freeport-McMoRan from $75.00 to $77.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. BNP Paribas Exane raised their price objective on Freeport-McMoRan from $71.00 to $82.00 and gave the company an "outperform" rating in a research report on Thursday, June 18th. Finally, Barclays boosted their price objective on Freeport-McMoRan from $77.00 to $80.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $70.18.

About Freeport-McMoRan

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.

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.