Alexis Investment Partners LLC Purchases New Holdings in Freeport-McMoRan Inc. $FCX

Alexis Investment Partners LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the second quarter, according to its most recent disclosure with the SEC. The firm purchased 19,042 shares of the natural resource company’s stock, valued at approximately $835,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Freeport-McMoRan by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company’s stock valued at $4,734,101,000 after buying an additional 1,822,987 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Freeport-McMoRan by 17.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock valued at $1,421,549,000 after acquiring an additional 5,661,958 shares during the last quarter. Amundi raised its holdings in Freeport-McMoRan by 28.1% in the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after acquiring an additional 6,054,537 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Freeport-McMoRan by 13.7% in the 1st quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock valued at $830,726,000 after acquiring an additional 2,642,810 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Freeport-McMoRan by 16.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company’s stock valued at $498,270,000 after acquiring an additional 1,815,285 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Down 1.2%

Freeport-McMoRan stock opened at $41.18 on Monday. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $50.12. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. The firm has a 50 day moving average price of $42.64 and a 200 day moving average price of $40.71. The company has a market capitalization of $59.12 billion, a PE ratio of 31.20, a price-to-earnings-growth ratio of 0.96 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company had revenue of $7.58 billion during the quarter, compared to analysts’ expectations of $6.85 billion. During the same quarter last year, the company posted $0.46 EPS. The firm’s revenue was up 14.5% compared to the same quarter last year. Research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.5%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 22.73%.

Analyst Upgrades and Downgrades

A number of analysts have commented on FCX shares. CICC Research cut their price objective on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a report on Friday, September 26th. Morgan Stanley cut their price objective on shares of Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating for the company in a report on Wednesday, October 8th. Royal Bank Of Canada cut their price target on shares of Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a report on Wednesday, October 1st. Sanford C. Bernstein cut their price target on shares of Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating for the company in a report on Tuesday, October 14th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Freeport-McMoRan in a report on Wednesday, October 8th. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $46.92.

Freeport-McMoRan 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.