Global Retirement Partners LLC Buys Shares of 39,071 Freeport-McMoRan Inc. $FCX

Global Retirement Partners LLC bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 39,071 shares of the natural resource company’s stock, valued at approximately $1,694,000.

A number of other hedge funds also recently made changes to their positions in FCX. Portside Wealth Group LLC increased its position in Freeport-McMoRan by 0.8% during the 2nd quarter. Portside Wealth Group LLC now owns 30,333 shares of the natural resource company’s stock worth $1,315,000 after purchasing an additional 245 shares in the last quarter. Waterloo Capital L.P. boosted its position in Freeport-McMoRan by 3.9% in the second quarter. Waterloo Capital L.P. now owns 6,658 shares of the natural resource company’s stock valued at $289,000 after buying an additional 251 shares in the last quarter. Strengthening Families & Communities LLC grew its stake in shares of Freeport-McMoRan by 0.6% during the second quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company’s stock worth $1,822,000 after buying an additional 261 shares during the last quarter. CVA Family Office LLC increased its holdings in shares of Freeport-McMoRan by 21.3% during the second quarter. CVA Family Office LLC now owns 1,527 shares of the natural resource company’s stock worth $66,000 after buying an additional 268 shares in the last quarter. Finally, Cypress Wealth Services LLC increased its holdings in shares of Freeport-McMoRan by 4.6% during the second quarter. Cypress Wealth Services LLC now owns 6,230 shares of the natural resource company’s stock worth $270,000 after buying an additional 273 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $42.10 on Thursday. The stock has a market capitalization of $60.46 billion, a PE ratio of 29.65, a PEG ratio of 0.94 and a beta of 1.64. The business’s 50 day simple moving average is $40.85 and its 200 day simple moving average is $41.95. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $49.12.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.09. The firm had revenue of $6.97 billion during the quarter, compared to analyst estimates of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. During the same quarter last year, the business earned $0.38 EPS. The company’s revenue was up 2.7% compared to the same quarter last year. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were issued a $0.15 dividend. The ex-dividend date was Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.4%. Freeport-McMoRan’s payout ratio is presently 21.13%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FCX. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price objective on the stock in a report on Tuesday, September 30th. Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. BMO Capital Markets lowered their price objective on Freeport-McMoRan from $48.00 to $47.00 and set an “outperform” rating for the company in a research note on Wednesday, November 19th. Scotiabank upgraded shares of Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and cut their target price for the stock from $51.00 to $47.00 in a research report on Wednesday, November 19th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a report on Wednesday. Four analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $46.73.

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.