AlphaCrest Capital Management LLC Grows Position in Freeport-McMoRan Inc. (NYSE:FCX)

AlphaCrest Capital Management LLC raised its stake in shares of Freeport-McMoRan Inc. (NYSE:FCXGet Rating) by 314.5% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 63,631 shares of the natural resource company’s stock after purchasing an additional 48,279 shares during the period. AlphaCrest Capital Management LLC’s holdings in Freeport-McMoRan were worth $1,862,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Kistler Tiffany Companies LLC increased its holdings in Freeport-McMoRan by 5.4% in the 1st quarter. Kistler Tiffany Companies LLC now owns 5,868 shares of the natural resource company’s stock worth $292,000 after acquiring an additional 298 shares in the last quarter. Deseret Mutual Benefit Administrators increased its stake in shares of Freeport-McMoRan by 16.3% in the second quarter. Deseret Mutual Benefit Administrators now owns 2,414 shares of the natural resource company’s stock worth $71,000 after purchasing an additional 338 shares in the last quarter. Valley National Advisers Inc. raised its position in shares of Freeport-McMoRan by 54.4% during the 1st quarter. Valley National Advisers Inc. now owns 968 shares of the natural resource company’s stock valued at $49,000 after purchasing an additional 341 shares during the period. Oarsman Capital Inc. lifted its stake in shares of Freeport-McMoRan by 0.7% during the 1st quarter. Oarsman Capital Inc. now owns 47,200 shares of the natural resource company’s stock valued at $2,348,000 after buying an additional 345 shares in the last quarter. Finally, Close Asset Management Ltd boosted its holdings in Freeport-McMoRan by 3.0% in the 2nd quarter. Close Asset Management Ltd now owns 11,900 shares of the natural resource company’s stock worth $348,000 after buying an additional 350 shares during the period. Hedge funds and other institutional investors own 77.38% of the company’s stock.

Freeport-McMoRan Trading Up 0.5 %

FCX stock opened at $38.04 on Thursday. Freeport-McMoRan Inc. has a twelve month low of $24.80 and a twelve month high of $51.99. The stock has a market capitalization of $54.37 billion, a price-to-earnings ratio of 14.46 and a beta of 1.95. The company has a quick ratio of 1.76, a current ratio of 2.56 and a debt-to-equity ratio of 0.40. The firm’s fifty day simple moving average is $31.60 and its two-hundred day simple moving average is $32.11.

Freeport-McMoRan (NYSE:FCXGet Rating) last announced its quarterly earnings data on Thursday, October 20th. The natural resource company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.14). Freeport-McMoRan had a return on equity of 17.69% and a net margin of 16.72%. The firm had revenue of $5 billion during the quarter, compared to the consensus estimate of $4.91 billion. During the same period in the previous year, the business earned $0.89 EPS. The firm’s revenue for the quarter was down 17.8% on a year-over-year basis. As a group, analysts anticipate that Freeport-McMoRan Inc. will post 2.33 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 1st. Stockholders of record on Friday, October 14th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.58%. The ex-dividend date was Thursday, October 13th. Freeport-McMoRan’s dividend payout ratio is presently 11.41%.

Analyst Ratings Changes

Several equities analysts have recently commented on FCX shares. Exane BNP Paribas downgraded Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $29.00 price objective on the stock. in a research report on Thursday, October 6th. BNP Paribas lowered shares of Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $29.00 price objective for the company. in a report on Thursday, October 6th. Royal Bank of Canada dropped their target price on shares of Freeport-McMoRan from $35.00 to $34.00 and set a “sector perform” rating for the company in a research report on Friday, October 21st. StockNews.com assumed coverage on shares of Freeport-McMoRan in a research note on Wednesday, October 12th. They set a “hold” rating for the company. Finally, The Goldman Sachs Group decreased their price target on shares of Freeport-McMoRan from $45.00 to $39.00 and set a “buy” rating on the stock in a research note on Thursday, October 13th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $38.07.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, Director Ryan Michael Lance purchased 31,000 shares of the stock in a transaction dated Monday, August 29th. The stock was purchased at an average price of $31.88 per share, with a total value of $988,280.00. Following the transaction, the director now owns 32,132 shares of the company’s stock, valued at $1,024,368.16. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.72% of the stock is currently owned by corporate insiders.

Freeport-McMoRan Company Profile

(Get Rating)

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

See Also

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCXGet Rating).

Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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