Arrowpoint Investment Partners Singapore Pte. Ltd. Makes New Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Arrowpoint Investment Partners Singapore Pte. Ltd. acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 30,678 shares of the natural resource company’s stock, valued at approximately $1,168,000. Freeport-McMoRan makes up 0.2% of Arrowpoint Investment Partners Singapore Pte. Ltd.’s investment portfolio, making the stock its 28th largest position.

Several other institutional investors have also modified their holdings of FCX. Asset Planning Inc bought a new position in Freeport-McMoRan during the 4th quarter worth about $25,000. Mizuho Bank Ltd. bought a new position in shares of Freeport-McMoRan during the fourth quarter worth about $26,000. Vision Financial Markets LLC bought a new position in shares of Freeport-McMoRan during the fourth quarter worth about $27,000. Roxbury Financial LLC acquired a new stake in Freeport-McMoRan in the 4th quarter valued at approximately $28,000. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in Freeport-McMoRan in the 4th quarter valued at approximately $29,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $38.37 on Wednesday. The firm has a market capitalization of $55.14 billion, a P/E ratio of 29.74, a price-to-earnings-growth ratio of 0.87 and a beta of 1.65. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The firm’s fifty day moving average price is $36.56 and its two-hundred day moving average price is $38.81. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $54.95.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $5.36 billion. During the same period in the previous year, the business earned $0.32 EPS. Freeport-McMoRan’s revenue for the quarter was down 9.4% compared to the same quarter last year. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 24.79%.

Wall Street Analyst Weigh In

FCX has been the subject of several research reports. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research note on Thursday, March 6th. Jefferies Financial Group restated a “buy” rating and set a $50.00 target price (up previously from $48.00) on shares of Freeport-McMoRan in a report on Friday, April 25th. Raymond James reaffirmed an “outperform” rating and issued a $52.00 target price on shares of Freeport-McMoRan in a research report on Friday, April 25th. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday, April 8th. Finally, UBS Group cut 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. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target 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.