Point72 Hong Kong Ltd Invests $525,000 in Freeport-McMoRan Inc. (NYSE:FCX)

Point72 Hong Kong Ltd acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 10,800 shares of the natural resource company’s stock, valued at approximately $525,000.

Several other institutional investors also recently modified their holdings of FCX. Hazlett Burt & Watson Inc. grew its holdings in shares of Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after acquiring an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC bought a new position in shares of Freeport-McMoRan in the second quarter valued at approximately $25,000. LRI Investments LLC bought a new position in shares of Freeport-McMoRan in the first quarter valued at approximately $26,000. Lynx Investment Advisory bought a new position in shares of Freeport-McMoRan in the second quarter valued at approximately $26,000. Finally, Jones Financial Companies Lllp grew its holdings in shares of Freeport-McMoRan by 422.2% in the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 532 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $51.90 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The firm has a market capitalization of $74.57 billion, a P/E ratio of 45.93, a PEG ratio of 2.89 and a beta of 1.89. The business has a fifty day moving average price of $43.54 and a 200-day moving average price of $47.37.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. During the same quarter last year, the business posted $0.35 earnings per share. The firm’s revenue was up 15.5% compared to the same quarter last year. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.61 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be given a $0.075 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.58%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on FCX shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday. Morgan Stanley reduced their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Finally, Raymond James increased their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a report on Monday. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.93.

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.