Transcend Capital Advisors LLC Acquires New Position in Freeport-McMoRan Inc. $FCX

Transcend Capital Advisors LLC acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the second quarter, Holdings Channel.com reports. The fund acquired 8,234 shares of the natural resource company’s stock, valued at approximately $357,000.

A number of other hedge funds have also added to or reduced their stakes in FCX. Brighton Jones LLC increased its stake in Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after acquiring an additional 2,882 shares during the last quarter. Bison Wealth LLC grew its holdings in shares of Freeport-McMoRan by 5.6% during the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after purchasing an additional 507 shares during the last quarter. Diversified Trust Co boosted its position in Freeport-McMoRan by 8.7% during the 1st quarter. Diversified Trust Co now owns 6,438 shares of the natural resource company’s stock worth $244,000 after buying an additional 514 shares during the period. Koshinski Asset Management Inc. boosted its position in Freeport-McMoRan by 24.0% during the 1st quarter. Koshinski Asset Management Inc. now owns 24,884 shares of the natural resource company’s stock worth $942,000 after buying an additional 4,821 shares during the period. Finally, Vontobel Holding Ltd. boosted its position in Freeport-McMoRan by 25.4% during the 1st quarter. Vontobel Holding Ltd. now owns 219,856 shares of the natural resource company’s stock worth $8,324,000 after buying an additional 44,569 shares during the period. 80.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

FCX has been the topic of several recent research reports. Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, October 25th. CICC Research cut their target price on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research report on Friday, September 26th. UBS Group set a $48.00 target price on shares of Freeport-McMoRan and gave the stock a “buy” rating in a research report on Friday, October 3rd. Johnson Rice cut their target price on shares of Freeport-McMoRan from $55.00 to $48.00 in a research report on Monday, September 29th. Finally, Stifel Canada upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Tuesday, July 8th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.01.

Freeport-McMoRan Stock Up 2.3%

Freeport-McMoRan stock opened at $42.14 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $49.21. The firm has a 50 day moving average price of $42.55 and a two-hundred day moving average price of $41.28. The firm has a market cap of $60.50 billion, a price-to-earnings ratio of 29.67, a PEG ratio of 0.93 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The firm had revenue of $6.97 billion during the quarter, compared to analyst estimates of $6.74 billion. During the same quarter last year, the business earned $0.38 EPS. The company’s revenue was up 2.7% compared to the same quarter last year. Equities analysts predict 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. Stockholders of record on Wednesday, October 15th will be paid a $0.15 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.4%. Freeport-McMoRan’s payout ratio is currently 21.13%.

Freeport-McMoRan 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.