Point72 Asia Singapore Pte. Ltd. Has $49,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

Point72 Asia Singapore Pte. Ltd. lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 95.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 999 shares of the natural resource company’s stock after selling 19,387 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in Freeport-McMoRan were worth $49,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Orion Portfolio Solutions LLC lifted its position in shares of Freeport-McMoRan by 8.8% during the 4th quarter. Orion Portfolio Solutions LLC now owns 26,699 shares of the natural resource company’s stock worth $1,127,000 after purchasing an additional 2,150 shares during the last quarter. Jones Financial Companies Lllp increased 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 buying an additional 532 shares during the period. CWA Asset Management Group LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth approximately $214,000. NEOS Investment Management LLC boosted its position in shares of Freeport-McMoRan by 36.2% in the fourth quarter. NEOS Investment Management LLC now owns 20,315 shares of the natural resource company’s stock valued at $865,000 after acquiring an additional 5,397 shares during the period. Finally, Rafferty Asset Management LLC grew its stake in shares of Freeport-McMoRan by 5.0% in the fourth quarter. Rafferty Asset Management LLC now owns 122,378 shares of the natural resource company’s stock worth $5,210,000 after acquiring an additional 5,773 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on FCX shares. Scotiabank cut shares of Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $52.00 target price for the company. in a research note on Monday. Deutsche Bank Aktiengesellschaft increased their target price on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday, June 10th. Morgan Stanley lowered their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, Raymond James boosted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd. Six analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.93.

Freeport-McMoRan Trading Down 2.8 %

Shares of FCX stock opened at $49.92 on Tuesday. The company has a market capitalization of $71.71 billion, a P/E ratio of 44.18, a P/E/G ratio of 2.89 and a beta of 1.89. The firm has a 50-day moving average price of $43.72 and a 200 day moving average price of $47.57. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24.

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

Freeport-McMoRan Cuts Dividend

The company 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 yield of 0.60%. Freeport-McMoRan’s payout ratio is 26.55%.

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.