EntryPoint Capital LLC Buys Shares of 8,935 Freeport-McMoRan Inc. $FCX

EntryPoint Capital LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 8,935 shares of the natural resource company’s stock, valued at approximately $338,000.

Other hedge funds have also recently made changes to their positions in the company. Coppell Advisory Solutions LLC raised its stake in shares of Freeport-McMoRan by 47.4% in the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company’s stock valued at $32,000 after buying an additional 268 shares during the period. City Holding Co. bought a new stake in shares of Freeport-McMoRan in the first quarter valued at $33,000. Bernard Wealth Management Corp. bought a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $35,000. Dagco Inc. bought a new stake in shares of Freeport-McMoRan in the first quarter valued at $37,000. Finally, Greykasell Wealth Strategies Inc. bought a new stake in shares of Freeport-McMoRan in the first quarter valued at $42,000. 80.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CAO Ellie L. Mikes sold 8,584 shares of the business’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total transaction of $343,531.68. Following the completion of the transaction, the chief accounting officer directly owned 48,333 shares in the company, valued at $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.75% of the stock is currently owned by insiders.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $41.7040 on Friday. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61. The business has a 50-day simple moving average of $43.00 and a 200 day simple moving average of $39.37. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The stock has a market cap of $59.88 billion, a price-to-earnings ratio of 31.59, a PEG ratio of 0.79 and a beta of 1.63.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The business had revenue of $7.58 billion during the quarter, compared to analysts’ expectations of $6.85 billion. During the same period in the previous year, the business earned $0.46 earnings per share. The firm’s revenue was up 14.5% on a year-over-year basis. On average, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.4%. Freeport-McMoRan’s payout ratio is 22.73%.

Wall Street Analysts Forecast Growth

FCX has been the topic of several research reports. Stifel Canada upgraded Freeport-McMoRan to a “strong-buy” rating in a research note on Tuesday, July 8th. Citigroup lifted their price target on Freeport-McMoRan from $44.00 to $48.00 and gave the company a “neutral” rating in a research report on Tuesday, July 8th. Wall Street Zen upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. BMO Capital Markets reduced their price target on Freeport-McMoRan from $55.00 to $54.00 and set an “outperform” rating for the company in a research report on Thursday, July 24th. Finally, Royal Bank Of Canada lifted their price target on Freeport-McMoRan from $52.00 to $54.00 and gave the company a “sector perform” rating in a research report on Wednesday, June 4th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $51.00.

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.