SIR Capital Management L.P. Raises Holdings in Freeport-McMoRan Inc. $FCX

SIR Capital Management L.P. increased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 84.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 624,956 shares of the natural resource company’s stock after buying an additional 286,400 shares during the quarter. Freeport-McMoRan accounts for approximately 3.5% of SIR Capital Management L.P.’s holdings, making the stock its 5th biggest position. SIR Capital Management L.P.’s holdings in Freeport-McMoRan were worth $31,742,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. JPL Wealth Management LLC acquired a new position in shares of Freeport-McMoRan during the third quarter valued at about $33,000. Kohmann Bosshard Financial Services LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter valued at about $38,000. Modus Advisors LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter valued at about $40,000. Key Financial Inc grew its holdings in shares of Freeport-McMoRan by 32.3% during the fourth quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock valued at $42,000 after buying an additional 202 shares during the last quarter. Finally, Laurel Wealth Advisors LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter valued at about $43,000. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on FCX shares. Freedom Capital upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Saturday, February 21st. Scotiabank reduced their price objective on shares of Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating for the company in a report on Friday, April 24th. Raymond James Financial reduced 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. Jefferies Financial Group raised their price target on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, June 8th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a research report on Monday, April 27th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $66.86.

Freeport-McMoRan Stock Up 2.9%

FCX opened at $68.28 on Friday. 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 company’s 50-day moving average is $64.24 and its 200 day moving average is $59.05. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.09. The firm has a market capitalization of $98.15 billion, a P/E ratio of 36.32, a PEG ratio of 0.80 and a beta of 1.35.

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, topping the consensus estimate of $0.47 by $0.10. The business had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.24 earnings per share. Research analysts expect that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were given a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 annualized dividend and a yield of 0.4%. Freeport-McMoRan’s payout ratio is currently 15.96%.

Freeport-McMoRan 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.