Stonebrook Private Inc. Makes New Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Stonebrook Private Inc. bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 5,603 shares of the natural resource company’s stock, valued at approximately $238,000.

Several other hedge funds and other institutional investors also recently modified their holdings of FCX. Capital Wealth Planning LLC bought a new stake in Freeport-McMoRan in the 3rd quarter valued at about $160,160,000. Mizuho Markets Americas LLC acquired a new position in shares of Freeport-McMoRan during the third quarter worth approximately $141,407,000. Alphinity Investment Management Pty Ltd boosted its position in shares of Freeport-McMoRan by 57.4% during the third quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock worth $201,039,000 after buying an additional 1,965,987 shares during the period. AustralianSuper Pty Ltd bought a new position in Freeport-McMoRan in the 4th quarter worth approximately $66,993,000. Finally, Penserra Capital Management LLC increased its position in Freeport-McMoRan by 16,058.7% in the 3rd quarter. Penserra Capital Management LLC now owns 1,500,338 shares of the natural resource company’s stock valued at $55,947,000 after acquiring an additional 1,491,053 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price target on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $41.00 to $48.50 in a report on Monday, January 8th. Raymond James boosted their target price on Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday, April 24th. HSBC upped their target price on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research report on Tuesday, April 23rd. Finally, Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a research report on Tuesday, April 9th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $50.07.

Freeport-McMoRan Trading Up 3.8 %

Shares of NYSE FCX opened at $52.41 on Tuesday. The company has a quick ratio of 1.41, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $52.52. The company has a market cap of $75.18 billion, a price-to-earnings ratio of 46.38, a P/E/G ratio of 8.18 and a beta of 2.04. The business has a fifty day simple moving average of $44.97 and a 200-day simple moving average of $40.51.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The business’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.52 earnings per share. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.67 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a yield of 1.14%. Freeport-McMoRan’s payout ratio is presently 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.