Point72 Asia Singapore Pte. Ltd. Trims Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Point72 Asia Singapore Pte. Ltd. lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 95.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 999 shares of the natural resource company’s stock after selling 19,387 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in Freeport-McMoRan were worth $49,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. increased its position in Freeport-McMoRan by 1,170.7% in the 2nd 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 during the period. Spectrum Wealth Counsel LLC acquired a new position in Freeport-McMoRan during the 2nd quarter worth approximately $25,000. LRI Investments LLC acquired a new position in Freeport-McMoRan during the 1st quarter worth approximately $26,000. Lynx Investment Advisory acquired a new position in Freeport-McMoRan during the 2nd quarter worth approximately $26,000. Finally, RFP Financial Group LLC increased its position in Freeport-McMoRan by 261.3% during the 2nd quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 426 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on FCX. Raymond James boosted their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Scotiabank lowered Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $52.00 price target on the stock. in a research note on Monday, September 30th. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Finally, BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Six investment 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $52.93.

Freeport-McMoRan Trading Up 1.6 %

Shares of Freeport-McMoRan stock opened at $50.55 on Friday. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The firm has a market cap of $72.61 billion, a PE ratio of 44.73, a P/E/G ratio of 2.89 and a beta of 1.90. The business’s fifty day moving average is $44.18 and its two-hundred day moving average is $47.71. 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 (NYSE:FCX) last released 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. 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 the consensus estimate of $6 billion. During the same period in the prior year, the firm posted $0.35 EPS. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. Analysts anticipate that Freeport-McMoRan Inc. will post 1.61 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be issued a $0.075 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.59%. Freeport-McMoRan’s dividend payout ratio is currently 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.