Bull Harbor Capital LLC Invests $1.54 Million in Freeport-McMoRan Inc. $FCX

Bull Harbor Capital LLC purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 26,151 shares of the natural resource company’s stock, valued at approximately $1,537,000.

Other hedge funds also recently made changes to their positions in the company. Pinnacle Bancorp Inc. boosted its holdings in Freeport-McMoRan by 7.9% in the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock valued at $118,000 after purchasing an additional 147 shares in the last quarter. Steph & Co. grew its stake in Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 150 shares during the last quarter. Essex Bank increased its stake in shares of Freeport-McMoRan by 1.2% during the 1st quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock worth $829,000 after purchasing an additional 163 shares in the last quarter. Leo Wealth LLC increased its position in Freeport-McMoRan by 2.5% during the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock worth $347,000 after buying an additional 170 shares in the last quarter. Finally, Klein Pavlis & Peasley Financial Inc. raised its holdings in shares of Freeport-McMoRan by 0.9% in the first quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company’s stock worth $1,098,000 after acquiring an additional 175 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 2.8%

Shares of Freeport-McMoRan stock opened at $59.94 on Thursday. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The firm has a market cap of $86.16 billion, a P/E ratio of 29.53, a P/E/G ratio of 0.62 and a beta of 1.37. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.28. The business has a 50-day moving average price of $63.66 and a 200 day moving average price of $62.51.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. During the same period last year, the business posted $0.54 earnings per share. The firm’s revenue for the quarter was down 7.3% on a year-over-year basis. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.75 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be issued a $0.075 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is 14.78%.

Analysts Set New Price Targets

FCX has been the topic of a number of analyst reports. Jefferies Financial Group increased their price objective on Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 8th. UBS Group upped their price target on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Wall Street Zen upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. CICC Research cut their target price on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. Finally, Wells Fargo & Company boosted their price target on Freeport-McMoRan from $68.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average target price of $70.27.

About Freeport-McMoRan

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.