Clare Market Investments LLC Makes New Investment in Freeport-McMoRan Inc. $FCX

Clare Market Investments LLC bought a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the 1st quarter, HoldingsChannel reports. The fund bought 18,631 shares of the natural resource company’s stock, valued at approximately $1,095,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of FCX. Steph & Co. grew its stake in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in shares of Freeport-McMoRan during the fourth quarter valued at approximately $25,000. Kemnay Advisory Services Inc. bought a new position in shares of Freeport-McMoRan during the fourth quarter valued at approximately $29,000. Financial Life Planners bought a new position in Freeport-McMoRan in the first quarter worth about $34,000. Finally, SHP Wealth Management purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $30,000. 80.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. UBS Group raised their target price on Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Morgan Stanley reiterated an “equal weight” rating and issued a $66.00 price target (down from $70.00) on shares of Freeport-McMoRan in a research note on Friday, April 24th. Scotiabank increased their target price on Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research note on Monday, June 15th. Citigroup dropped their price target on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Finally, Raymond James Financial decreased their price objective on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a report on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $68.36.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $60.23 on Tuesday. The stock has a market cap of $86.58 billion, a PE ratio of 31.96, a price-to-earnings-growth ratio of 0.74 and a beta of 1.37. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The firm has a fifty day moving average price of $63.81 and a 200-day moving average price of $61.43. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the previous year, the business earned $0.24 earnings per share. The business’s revenue was up 8.8% on a year-over-year basis. Equities analysts anticipate that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is 15.96%.

Freeport-McMoRan Company Profile

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.