SLT Holdings LLC Makes New Investment in Freeport-McMoRan Inc. $FCX

SLT Holdings LLC bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 8,465 shares of the natural resource company’s stock, valued at approximately $430,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. JPL Wealth Management LLC acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth approximately $33,000. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth approximately $36,000. Kohmann Bosshard Financial Services LLC acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $38,000. Laurel Wealth Advisors LLC acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $43,000. Finally, YANKCOM Partnership grew its position in shares of Freeport-McMoRan by 83.3% during the 4th quarter. YANKCOM Partnership now owns 869 shares of the natural resource company’s stock worth $44,000 after purchasing an additional 395 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $61.92 on Monday. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $89.01 billion, a price-to-earnings ratio of 32.94, a P/E/G ratio of 0.75 and a beta of 1.32. The firm’s 50 day simple moving average is $61.41 and its 200 day simple moving average is $56.46. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $70.96.

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

Freeport-McMoRan Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Raymond James Financial decreased their target price 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. Citigroup reduced their price target on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. Barclays assumed coverage on shares of Freeport-McMoRan in a research report on Thursday. They set an “overweight” rating and a $77.00 price target on the stock. UBS Group increased their price target on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Weiss Ratings upgraded shares of Freeport-McMoRan from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. Two equities research 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 company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $65.72.

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.