Woodline Partners LP Makes New Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Woodline Partners LP purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 8,863 shares of the natural resource company's stock, valued at approximately $338,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Twinbeech Capital LP bought a new stake in Freeport-McMoRan during the 4th quarter worth approximately $30,819,000. Temasek Holdings Private Ltd grew its holdings in Freeport-McMoRan by 7.5% during the 4th quarter. Temasek Holdings Private Ltd now owns 805,528 shares of the natural resource company's stock worth $30,675,000 after acquiring an additional 56,100 shares during the last quarter. Tidal Investments LLC grew its holdings in Freeport-McMoRan by 6.0% during the 4th quarter. Tidal Investments LLC now owns 164,445 shares of the natural resource company's stock worth $6,262,000 after acquiring an additional 9,364 shares during the last quarter. Teza Capital Management LLC grew its holdings in Freeport-McMoRan by 172.8% during the 4th quarter. Teza Capital Management LLC now owns 39,294 shares of the natural resource company's stock worth $1,496,000 after acquiring an additional 24,891 shares during the last quarter. Finally, State of Wyoming grew its holdings in Freeport-McMoRan by 104.9% during the 4th quarter. State of Wyoming now owns 10,036 shares of the natural resource company's stock worth $382,000 after acquiring an additional 5,139 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Down 1.5%

Shares of Freeport-McMoRan stock traded down $0.57 during trading on Friday, reaching $38.46. 17,234,797 shares of the company traded hands, compared to its average volume of 13,450,098. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $53.15. The company has a 50 day moving average price of $36.27 and a 200-day moving average price of $38.38. The firm has a market capitalization of $55.27 billion, a PE ratio of 29.81, a P/E/G ratio of 0.87 and a beta of 1.65.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.01. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The company had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. During the same quarter in the previous year, the company earned $0.32 EPS. Freeport-McMoRan's quarterly revenue was down 9.4% compared to the same quarter last year. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.56%. Freeport-McMoRan's payout ratio is 24.79%.

Analyst Ratings Changes

FCX has been the topic of a number of research reports. Hsbc Global Res raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. Raymond James reissued an "outperform" rating and set a $52.00 target price on shares of Freeport-McMoRan in a report on Friday, April 25th. Wall Street Zen downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Tuesday, April 8th. UBS Group dropped their price target on shares of Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price target on the stock in a research report on Thursday, March 6th. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan has a consensus rating of "Moderate Buy" and a consensus target price of $48.36.

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.