Stevens Capital Management LP Purchases Shares of 15,272 Freeport-McMoRan Inc. $FCX

Stevens Capital Management LP bought a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 15,272 shares of the natural resource company’s stock, valued at approximately $662,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Beacon Capital Management LLC increased its holdings in shares of Freeport-McMoRan by 59.6% during the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after buying an additional 327 shares in the last quarter. Dagco Inc. acquired a new stake in Freeport-McMoRan during the 1st quarter valued at $37,000. MTM Investment Management LLC acquired a new stake in Freeport-McMoRan during the 2nd quarter valued at $43,000. Hilltop National Bank bought a new position in Freeport-McMoRan in the 2nd quarter valued at $43,000. Finally, NewSquare Capital LLC boosted its stake in Freeport-McMoRan by 74.9% in the second quarter. NewSquare Capital LLC now owns 1,002 shares of the natural resource company’s stock worth $43,000 after purchasing an additional 429 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lifted their price target on Freeport-McMoRan from $46.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, October 9th. HSBC dropped their target price on shares of Freeport-McMoRan from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Wednesday. Wells Fargo & Company upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Wednesday, October 8th. Hsbc Global Res raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 16th. Finally, Morgan Stanley dropped their price objective on shares of Freeport-McMoRan from $46.00 to $44.00 and set an “overweight” rating for the company in a research report on Wednesday. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of “Buy” and a consensus target price of $46.73.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $39.81 on Friday. The company has a quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $49.12. The firm has a fifty day moving average of $41.09 and a 200-day moving average of $41.84. The firm has a market capitalization of $57.16 billion, a price-to-earnings ratio of 28.04, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64.

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

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 21.13%.

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.