Alexis Investment Partners LLC Takes Position in Freeport-McMoRan Inc. $FCX

Alexis Investment Partners LLC purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 19,042 shares of the natural resource company’s stock, valued at approximately $835,000.

Several other institutional investors and hedge funds have also recently modified their holdings of FCX. Nuveen LLC bought a new position in Freeport-McMoRan in the first quarter worth approximately $366,959,000. Amundi raised its stake in Freeport-McMoRan by 28.1% in the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after buying an additional 6,054,537 shares in the last quarter. Crake Asset Management LLP raised its stake in Freeport-McMoRan by 2,140.8% in the first quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock worth $224,496,000 after buying an additional 5,665,000 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Freeport-McMoRan by 17.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock worth $1,421,549,000 after buying an additional 5,661,958 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Freeport-McMoRan by 13.7% in the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock worth $830,726,000 after buying an additional 2,642,810 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

NYSE FCX opened at $41.18 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The stock’s fifty day moving average price is $42.64 and its 200 day moving average price is $40.71. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $50.12. The company has a market cap of $59.12 billion, a price-to-earnings ratio of 31.20, a PEG ratio of 0.96 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The firm had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. During the same period in the prior year, the firm earned $0.46 EPS. The firm’s revenue was up 14.5% on a year-over-year basis. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 22.73%.

Analyst Ratings Changes

Several equities analysts have issued reports on FCX shares. Dbs Bank cut their price target on shares of Freeport-McMoRan from $51.00 to $48.00 in a report on Thursday, October 2nd. Hsbc Global Res raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Thursday. Royal Bank Of Canada cut their price target on shares of Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 1st. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, September 26th. Finally, UBS Group set a $48.00 price target on shares of Freeport-McMoRan and gave the stock a “buy” rating in a report on Friday, October 3rd. Four investment 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $46.92.

Freeport-McMoRan 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.