SLT Holdings LLC Buys Shares of 8,465 Freeport-McMoRan Inc. $FCX

SLT Holdings LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, Holdings Channel.com reports. The firm bought 8,465 shares of the natural resource company’s stock, valued at approximately $430,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Mathes Company Inc. acquired a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $211,000. First National Trust Co boosted its position in Freeport-McMoRan by 138.1% in the fourth quarter. First National Trust Co now owns 13,245 shares of the natural resource company’s stock valued at $673,000 after buying an additional 7,683 shares in the last quarter. Praxis Capital Management LLC acquired a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $612,000. Systematic Financial Management LP boosted its position in Freeport-McMoRan by 80.8% in the fourth quarter. Systematic Financial Management LP now owns 28,650 shares of the natural resource company’s stock valued at $1,455,000 after buying an additional 12,805 shares in the last quarter. Finally, Prospera Financial Services Inc boosted its position in Freeport-McMoRan by 2.8% in the fourth quarter. Prospera Financial Services Inc now owns 88,641 shares of the natural resource company’s stock valued at $4,503,000 after buying an additional 2,443 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

FCX has been the topic of a number of research analyst reports. Sanford C. Bernstein cut their target price on shares of Freeport-McMoRan from $54.00 to $53.50 and set a “market perform” rating on the stock in a research report on Friday, April 24th. Jefferies Financial Group set a $75.00 price target on shares of Freeport-McMoRan in a research note on Thursday, April 23rd. Wells Fargo & Company dropped their price target on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, April 24th. Argus raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Friday, February 13th. Finally, Barclays initiated coverage on shares of Freeport-McMoRan in a research note on Thursday. They set an “overweight” rating and a $77.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $65.72.

Freeport-McMoRan Price Performance

FCX stock opened at $61.92 on Monday. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $70.96. The company has a fifty day moving average price of $61.41 and a 200-day moving average price of $56.46. The company has a market capitalization of $89.01 billion, a P/E ratio of 32.94, a PEG ratio of 0.75 and a beta of 1.32. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter last year, the firm earned $0.24 earnings per share. Freeport-McMoRan’s quarterly revenue was up 8.8% on a year-over-year basis. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 15.96%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.