GSA Capital Partners LLP Increases Position in Freeport-McMoRan Inc. $FCX

GSA Capital Partners LLP lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 159.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,376 shares of the natural resource company’s stock after purchasing an additional 16,207 shares during the period. GSA Capital Partners LLP’s holdings in Freeport-McMoRan were worth $1,340,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of FCX. JPL Wealth Management LLC purchased a new stake in shares of Freeport-McMoRan in the third quarter worth $33,000. Pilgrim Partners Asia Pte Ltd purchased a new position in Freeport-McMoRan during the third quarter valued at $36,000. Kohmann Bosshard Financial Services LLC purchased a new position in Freeport-McMoRan during the fourth quarter valued at $38,000. Grey Fox Wealth Advisors LLC purchased a new position in Freeport-McMoRan during the third quarter valued at $39,000. Finally, Laurel Wealth Advisors LLC purchased a new position in Freeport-McMoRan during the fourth quarter valued at $43,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 29,654 shares of Freeport-McMoRan stock in a transaction on Friday, February 20th. The shares were sold at an average price of $63.00, for a total value of $1,868,202.00. Following the completion of the transaction, the chief accounting officer directly owned 76,445 shares of the company’s stock, valued at $4,816,035. This trade represents a 27.95% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.75% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on FCX. JPMorgan Chase & Co. cut their target price on shares of Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a research note on Monday, April 27th. Raymond James Financial cut their target price on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research note on Friday, April 24th. HSBC raised their target price on shares of Freeport-McMoRan from $69.00 to $72.00 and gave the company a “buy” rating in a research note on Tuesday, April 14th. CICC Research cut their target price on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research note on Tuesday, April 28th. Finally, Argus raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price of $65.14.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX opened at $60.88 on Thursday. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $70.96. The stock has a market capitalization of $87.52 billion, a P/E ratio of 32.38, a PEG ratio of 0.71 and a beta of 1.32. The firm has a fifty day simple moving average of $61.41 and a two-hundred day simple moving average of $56.17. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. During the same period last year, the company posted $0.24 EPS. The business’s revenue was up 8.8% on a year-over-year basis. On average, analysts expect that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 15.96%.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.