Fourpath Capital Management LLC Increases Stock Holdings in Freeport-McMoRan Inc. $FCX

Fourpath Capital Management LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,827 shares of the natural resource company’s stock after buying an additional 323 shares during the period. Fourpath Capital Management LLC’s holdings in Freeport-McMoRan were worth $296,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of FCX. Brighton Jones LLC boosted its position in shares of Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after buying an additional 2,882 shares during the last quarter. Bison Wealth LLC boosted its position in shares of Freeport-McMoRan by 5.6% during the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after buying an additional 507 shares during the last quarter. Park Avenue Securities LLC boosted its position in shares of Freeport-McMoRan by 5.2% during the first quarter. Park Avenue Securities LLC now owns 27,055 shares of the natural resource company’s stock valued at $1,024,000 after buying an additional 1,341 shares during the last quarter. Farther Finance Advisors LLC boosted its position in shares of Freeport-McMoRan by 5.1% during the first quarter. Farther Finance Advisors LLC now owns 26,864 shares of the natural resource company’s stock valued at $1,024,000 after buying an additional 1,308 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Freeport-McMoRan by 5.6% during the first quarter. GAMMA Investing LLC now owns 22,805 shares of the natural resource company’s stock valued at $863,000 after buying an additional 1,219 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 5.5%

Shares of NYSE FCX opened at $40.92 on Friday. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $50.28. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The business’s fifty day moving average price is $42.51 and its 200-day moving average price is $40.55. The stock has a market capitalization of $58.74 billion, a PE ratio of 31.00, a P/E/G ratio of 0.97 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The firm had revenue of $7.58 billion for the quarter, compared to analysts’ expectations of $6.85 billion. During the same quarter in the prior year, the firm earned $0.46 EPS. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s payout ratio is presently 22.73%.

Wall Street Analyst Weigh In

Several research firms have weighed in on FCX. Wells Fargo & Company raised Freeport-McMoRan to a “strong-buy” rating in a research report on Wednesday. BNP Paribas Exane cut their price objective on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating on the stock in a research report on Thursday, September 25th. Morgan Stanley cut their price objective on Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating on the stock in a research report on Wednesday. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price objective on the stock in a research report on Tuesday, September 30th. Finally, Raymond James Financial cut their price objective on Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating on the stock in a research report on Thursday, September 25th. Three analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $46.56.

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.