Cheyne Capital Management UK LLP Invests $497,000 in Freeport-McMoRan Inc (FCX)
Cheyne Capital Management UK LLP acquired a new position in shares of Freeport-McMoRan Inc (NYSE:FCX) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 48,200 shares of the natural resource company’s stock, valued at approximately $497,000.
Several other large investors also recently modified their holdings of FCX. Essex Savings Bank acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth $44,000. Flagship Harbor Advisors LLC raised its holdings in shares of Freeport-McMoRan by 21.6% during the fourth quarter. Flagship Harbor Advisors LLC now owns 5,120 shares of the natural resource company’s stock worth $52,000 after acquiring an additional 908 shares during the period. Financial Gravity Companies Inc. acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth $57,000. Financial Architects Inc raised its holdings in shares of Freeport-McMoRan by 27.0% during the fourth quarter. Financial Architects Inc now owns 6,899 shares of the natural resource company’s stock worth $71,000 after acquiring an additional 1,468 shares during the period. Finally, NuWave Investment Management LLC acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth $93,000. Institutional investors and hedge funds own 70.09% of the company’s stock.
A number of research firms recently weighed in on FCX. ValuEngine raised shares of Freeport-McMoRan from a “sell” rating to a “hold” rating in a research report on Wednesday, January 30th. Raymond James reaffirmed a “market perform” rating and issued a $16.00 target price on shares of Freeport-McMoRan in a research report on Monday, December 24th. Barclays began coverage on shares of Freeport-McMoRan in a research report on Wednesday, October 10th. They issued an “underweight” rating and a $12.00 target price for the company. Zacks Investment Research downgraded shares of Freeport-McMoRan from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 8th. Finally, Citigroup decreased their target price on shares of Freeport-McMoRan from $18.00 to $14.00 and set a “neutral” rating for the company in a research report on Wednesday, October 17th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $16.26.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, January 24th. The natural resource company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.07). Freeport-McMoRan had a net margin of 12.12% and a return on equity of 15.88%. The firm had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.86 billion. During the same period last year, the business earned $0.51 EPS. The business’s revenue was down 26.9% on a year-over-year basis. On average, research analysts forecast that Freeport-McMoRan Inc will post 0.5 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, February 1st. Stockholders of record on Tuesday, January 15th were given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date was Monday, January 14th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 13.16%.
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. 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 and El Abra mines in South America.
Featured Article: Net Income
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:FCX).
Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.