6,935 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Bought by Interchange Capital Partners LLC

Interchange Capital Partners LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 6,935 shares of the natural resource company’s stock, valued at approximately $337,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Belpointe Asset Management LLC increased its position in shares of Freeport-McMoRan by 38.6% during the fourth quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock valued at $719,000 after purchasing an additional 4,703 shares during the period. Fisher Asset Management LLC increased its stake in Freeport-McMoRan by 1.8% in the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock valued at $2,369,312,000 after acquiring an additional 976,592 shares during the period. Oaktree Capital Management LP raised its position in Freeport-McMoRan by 7.8% in the fourth quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock worth $124,216,000 after purchasing an additional 211,608 shares in the last quarter. Norden Group LLC lifted its stake in Freeport-McMoRan by 1,823.1% during the first quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock worth $11,750,000 after purchasing an additional 236,891 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Freeport-McMoRan by 1.0% during the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after purchasing an additional 1,210,833 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FCX. Scotiabank dropped their target price on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday, August 19th. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Raymond James reduced their target price on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 24th. Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $49.50 to $62.00 in a report on Friday, June 21st. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Freeport-McMoRan Trading Up 1.0 %

Shares of Freeport-McMoRan stock traded up $0.45 during trading hours on Friday, hitting $44.28. The company’s stock had a trading volume of 7,811,563 shares, compared to its average volume of 10,888,853. The company has a market capitalization of $63.61 billion, a PE ratio of 39.19, a price-to-earnings-growth ratio of 2.08 and a beta of 1.92. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The stock has a 50 day moving average of $45.92 and a 200 day moving average of $46.73. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results 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 business had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same period in the prior year, the business earned $0.35 EPS. Freeport-McMoRan’s revenue for the quarter was up 15.5% compared to the same quarter last year. Analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s payout ratio is presently 26.55%.

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.