Interchange Capital Partners LLC Makes New $204,000 Investment in Freeport-McMoRan Inc. $FCX

Interchange Capital Partners LLC bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 4,706 shares of the natural resource company’s stock, valued at approximately $204,000.

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

Analyst Ratings Changes

A number of analysts recently commented on FCX shares. Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Wednesday, October 8th. Royal Bank Of Canada decreased their price objective on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 1st. Wells Fargo & Company raised Freeport-McMoRan to a “strong-buy” rating in a research note on Wednesday, October 8th. Stifel Canada raised Freeport-McMoRan to a “strong-buy” rating in a research note on Tuesday, July 8th. Finally, Stifel Nicolaus began coverage on Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a “buy” rating and a $56.00 price target on the stock. Four research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $46.92.

Freeport-McMoRan Trading Up 0.3%

Shares of FCX stock opened at $41.34 on Monday. The firm has a market cap of $59.36 billion, a P/E ratio of 29.12, a PEG ratio of 0.95 and a beta of 1.58. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $49.21. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19. The firm’s 50-day simple moving average is $42.55 and its 200-day simple moving average is $41.10.

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

Freeport-McMoRan Announces Dividend

The firm also recently announced 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 1.5%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is 21.13%.

About Freeport-McMoRan

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.