35,042 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Purchased by Magnetar Financial LLC

Magnetar Financial LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 35,042 shares of the natural resource company’s stock, valued at approximately $1,703,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Hazlett Burt & Watson Inc. increased its holdings in Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after purchasing an additional 480 shares during the period. Spectrum Wealth Counsel LLC purchased a new stake in Freeport-McMoRan during the 2nd quarter valued at about $25,000. LRI Investments LLC acquired a new stake in shares of Freeport-McMoRan in the first quarter worth $26,000. Lynx Investment Advisory acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at about $26,000. Finally, Jones Financial Companies Lllp boosted its position in Freeport-McMoRan by 422.2% in the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 532 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 1.4 %

Freeport-McMoRan stock opened at $45.14 on Tuesday. The company’s 50-day moving average price is $43.45 and its two-hundred day moving average price is $47.26. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The stock has a market cap of $64.84 billion, a price-to-earnings ratio of 39.95, a PEG ratio of 1.94 and a beta of 1.89. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same period last year, the company posted $0.35 earnings per share. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. On average, analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were paid a dividend of $0.15 per share. The ex-dividend date was Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.33%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on FCX shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Scotiabank decreased their target price on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday, August 19th. Raymond James increased their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research report on Monday, June 10th. Four analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $52.93.

About Freeport-McMoRan

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.