Seven Eight Capital LP acquired a new position in Freeport-McMoRan Inc (NYSE:FCX) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 18,484 shares of the natural resource company’s stock, valued at approximately $257,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Fox Run Management L.L.C. bought a new stake in shares of Freeport-McMoRan in the 3rd quarter worth approximately $145,000. St. Johns Investment Management Company LLC increased its stake in shares of Freeport-McMoRan by 243.2% in the second quarter. St. Johns Investment Management Company LLC now owns 8,665 shares of the natural resource company’s stock worth $150,000 after buying an additional 6,140 shares during the period. Parallel Advisors LLC increased its stake in shares of Freeport-McMoRan by 165.5% in the second quarter. Parallel Advisors LLC now owns 9,015 shares of the natural resource company’s stock worth $155,000 after buying an additional 5,619 shares during the period. Private Trust Co. NA purchased a new position in shares of Freeport-McMoRan in the second quarter worth $172,000. Finally, Confluence Investment Management LLC purchased a new position in shares of Freeport-McMoRan in the second quarter worth $175,000. Hedge funds and other institutional investors own 71.83% of the company’s stock.
Shares of Freeport-McMoRan stock opened at $11.09 on Tuesday. The company has a current ratio of 2.84, a quick ratio of 1.78 and a debt-to-equity ratio of 0.83. The firm has a market cap of $16.66 billion, a price-to-earnings ratio of 9.48 and a beta of 2.48. Freeport-McMoRan Inc has a 12-month low of $10.59 and a 12-month high of $20.25.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 1st. Shareholders of record on Monday, October 15th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date is Friday, October 12th. Freeport-McMoRan’s payout ratio is currently 17.09%.
FCX has been the topic of several analyst reports. Berenberg Bank reaffirmed a “sell” rating and issued a $15.00 target price on shares of Freeport-McMoRan in a research note on Monday, July 2nd. ValuEngine downgraded shares of Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a research note on Tuesday, October 2nd. Deutsche Bank raised shares of Freeport-McMoRan from a “sell” rating to a “hold” rating in a research note on Thursday, July 26th. Barclays initiated coverage on shares of Freeport-McMoRan in a research note on Wednesday, October 10th. They issued an “underweight” rating and a $12.00 target price on the stock. Finally, Bank of America raised shares of Freeport-McMoRan from an “underperform” rating to a “neutral” rating and set a $17.00 target price on the stock in a research note on Thursday, August 2nd. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $17.18.
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.
Read More: What Factors Can Affect Return on Equity?
Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc (NYSE:FCX).
Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.