Polymer Capital Management HK LTD Buys New Holdings in Freeport-McMoRan Inc. $FCX

Polymer Capital Management HK LTD purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 70,466 shares of the natural resource company’s stock, valued at approximately $3,579,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Brighton Jones LLC raised its position in shares of Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after buying an additional 2,882 shares during the last quarter. Bison Wealth LLC boosted its position in shares of Freeport-McMoRan by 5.6% during the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after acquiring an additional 507 shares during the last quarter. Sivia Capital Partners LLC bought a new position in shares of Freeport-McMoRan during the second quarter worth $560,000. Brown Advisory Inc. grew its stake in Freeport-McMoRan by 27.0% during the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock valued at $539,000 after acquiring an additional 2,648 shares in the last quarter. Finally, Jump Financial LLC grew its stake in Freeport-McMoRan by 42.7% during the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock valued at $2,172,000 after acquiring an additional 14,992 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. JPMorgan Chase & Co. decreased their price target on shares of Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a research note on Monday, April 27th. HSBC raised their price objective on Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday. Raymond James Financial reduced their target price on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a report on Friday, April 24th. Jefferies Financial Group boosted their target price on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. Finally, UBS Group raised their price target on Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $66.86.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX opened at $68.28 on Friday. The firm has a fifty day simple moving average of $64.24 and a two-hundred day simple moving average of $59.05. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.09. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $98.15 billion, a P/E ratio of 36.32, a PEG ratio of 0.80 and a beta of 1.35.

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

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were given a dividend of $0.075 per share. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is 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.