Transcend Capital Advisors LLC Takes Position in Freeport-McMoRan Inc. $FCX

Transcend Capital Advisors LLC bought a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 2nd quarter, according to its most recent filing with the SEC. The fund bought 8,234 shares of the natural resource company’s stock, valued at approximately $357,000.

Several other institutional investors have also made changes to their positions in the business. Convergence Investment Partners LLC acquired a new position in Freeport-McMoRan in the second quarter valued at about $813,000. Brookwood Investment Group LLC bought a new position in shares of Freeport-McMoRan in the second quarter worth about $258,000. Wesleyan Assurance Society raised its stake in shares of Freeport-McMoRan by 24.6% in the second quarter. Wesleyan Assurance Society now owns 380,000 shares of the natural resource company’s stock worth $16,465,000 after acquiring an additional 75,000 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Freeport-McMoRan by 5.3% during the second quarter. Envestnet Asset Management Inc. now owns 1,547,779 shares of the natural resource company’s stock worth $67,096,000 after buying an additional 78,018 shares during the last quarter. Finally, Resonant Capital Advisors LLC raised its stake in shares of Freeport-McMoRan by 10.3% during the second quarter. Resonant Capital Advisors LLC now owns 6,736 shares of the natural resource company’s stock worth $292,000 after buying an additional 627 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Stifel Canada raised shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Tuesday, July 8th. Scotiabank upped their price target on shares of Freeport-McMoRan from $49.00 to $51.00 and gave the company a “sector perform” rating in a report on Tuesday. Hsbc Global Res upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 16th. Wells Fargo & Company upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Wednesday, October 8th. Finally, BMO Capital Markets dropped their price target on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 24th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $47.01.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $42.14 on Thursday. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $49.21. The firm has a market cap of $60.50 billion, a price-to-earnings ratio of 29.67, a P/E/G ratio of 0.93 and a beta of 1.58. The firm’s 50-day simple moving average is $42.55 and its 200 day simple moving average is $41.28. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The business had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.74 billion. During the same period last year, the firm earned $0.38 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.13%.

Freeport-McMoRan Company Profile

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