Convergence Investment Partners LLC Makes New $842,000 Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Convergence Investment Partners LLC bought a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter, according to its most recent disclosure with the SEC. The firm bought 17,317 shares of the natural resource company’s stock, valued at approximately $842,000.

Several other institutional investors have also modified their holdings of the stock. LRI Investments LLC acquired a new stake in Freeport-McMoRan during the first quarter worth about $26,000. Lynx Investment Advisory acquired a new stake in shares of Freeport-McMoRan during the 2nd quarter worth approximately $26,000. Jones Financial Companies Lllp increased its holdings in shares of Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after buying an additional 532 shares during the last quarter. RFP Financial Group LLC raised its position in shares of Freeport-McMoRan by 261.3% during the 2nd quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock valued at $29,000 after buying an additional 426 shares during the period. Finally, POM Investment Strategies LLC acquired a new position in Freeport-McMoRan in the second quarter valued at approximately $31,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Raymond James cut their target price on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, July 24th. Scotiabank reduced their price objective on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday, August 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. Finally, UBS Group upped their price objective on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the stock a “neutral” rating in a report on Tuesday, May 14th. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $53.00.

Freeport-McMoRan Price Performance

Shares of FCX opened at $44.28 on Tuesday. The company has a market cap of $63.61 billion, a P/E ratio of 39.19, a PEG ratio of 2.08 and a beta of 1.92. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The firm’s 50 day moving average price is $45.80 and its 200 day moving average price is $46.84.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. During the same period last year, the business posted $0.35 earnings per share. Freeport-McMoRan’s revenue was up 15.5% compared to the same quarter last year. On average, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.36%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Freeport-McMoRan Company 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.