AXQ Capital LP Acquires New Position in Freeport-McMoRan Inc. $FCX

AXQ Capital LP acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, HoldingsChannel reports. The firm acquired 8,248 shares of the natural resource company’s stock, valued at approximately $419,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. JPL Wealth Management LLC bought a new position in shares of Freeport-McMoRan in the third quarter worth about $33,000. Kohmann Bosshard Financial Services LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth $38,000. Key Financial Inc lifted its holdings in Freeport-McMoRan by 32.3% during the 4th quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock worth $42,000 after buying an additional 202 shares during the period. Laurel Wealth Advisors LLC bought a new position in shares of Freeport-McMoRan during the fourth quarter worth about $43,000. Finally, YANKCOM Partnership lifted its stake in shares of Freeport-McMoRan by 83.3% in the fourth quarter. YANKCOM Partnership now owns 869 shares of the natural resource company’s stock worth $44,000 after acquiring an additional 395 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

FCX has been the topic of several analyst reports. Freedom Capital upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Saturday, February 21st. Raymond James Financial dropped their price target on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research report on Friday, April 24th. Weiss Ratings raised shares of Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, May 22nd. Scotiabank decreased their price objective on shares of Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating for the company in a research report on Friday, April 24th. Finally, UBS Group lifted their target price on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus price target of $66.04.

Freeport-McMoRan Trading Down 1.2%

NYSE:FCX opened at $69.81 on Friday. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.09. The stock has a market capitalization of $100.35 billion, a price-to-earnings ratio of 37.13, a PEG ratio of 0.85 and a beta of 1.35. The firm has a fifty day simple moving average of $63.35 and a two-hundred day simple moving average of $58.14. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly 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. The business had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.24 EPS. Analysts expect that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. Freeport-McMoRan’s payout ratio is presently 15.96%.

About Freeport-McMoRan

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.