Evelyn Partners Investment Management LLP Acquires 5,047 Shares of Freeport-McMoRan Inc. $FCX

Evelyn Partners Investment Management LLP increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 322,720 shares of the natural resource company’s stock after purchasing an additional 5,047 shares during the period. Evelyn Partners Investment Management LLP’s holdings in Freeport-McMoRan were worth $14,487,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. AXQ Capital LP lifted its stake in Freeport-McMoRan by 104.7% in the second quarter. AXQ Capital LP now owns 12,647 shares of the natural resource company’s stock valued at $548,000 after buying an additional 6,470 shares in the last quarter. Journey Strategic Wealth LLC lifted its position in Freeport-McMoRan by 243.7% in the 2nd quarter. Journey Strategic Wealth LLC now owns 21,105 shares of the natural resource company’s stock valued at $915,000 after acquiring an additional 14,965 shares in the last quarter. Mediolanum International Funds Ltd boosted its stake in Freeport-McMoRan by 18.0% in the 2nd quarter. Mediolanum International Funds Ltd now owns 387,616 shares of the natural resource company’s stock worth $17,005,000 after purchasing an additional 59,025 shares during the period. Personal CFO Solutions LLC bought a new position in Freeport-McMoRan during the 2nd quarter worth about $218,000. Finally, Handelsbanken Fonder AB increased its holdings in Freeport-McMoRan by 25.6% during the 2nd quarter. Handelsbanken Fonder AB now owns 747,858 shares of the natural resource company’s stock worth $32,420,000 after purchasing an additional 152,577 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $39.81 on Friday. The firm has a market capitalization of $57.16 billion, a P/E ratio of 28.04, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. The firm’s fifty day moving average price is $41.09 and its two-hundred day moving average price is $41.84. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $49.12.

Freeport-McMoRan (NYSE:FCX) last released 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. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The company had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.74 billion. During the same period in the previous year, the business earned $0.38 EPS. Freeport-McMoRan’s revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is 21.13%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FCX. Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Scotiabank raised Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and reduced their price target for the stock from $51.00 to $47.00 in a research report on Wednesday. UBS Group set a $48.00 price objective on shares of Freeport-McMoRan and gave the company a “buy” rating in a report on Friday, October 3rd. Hsbc Global Res upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 16th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $46.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, September 24th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $46.73.

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.