Qsemble Capital Management LP Raises Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Qsemble Capital Management LP grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 888.5% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 78,415 shares of the natural resource company’s stock after buying an additional 70,482 shares during the quarter. Freeport-McMoRan makes up approximately 0.7% of Qsemble Capital Management LP’s portfolio, making the stock its 24th largest holding. Qsemble Capital Management LP’s holdings in Freeport-McMoRan were worth $3,811,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Hazlett Burt & Watson Inc. lifted its position in Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after purchasing an additional 480 shares during the period. Lynx Investment Advisory acquired a new stake in Freeport-McMoRan in the second quarter valued at about $26,000. LRI Investments LLC acquired a new stake in Freeport-McMoRan in the first quarter valued at about $26,000. RFP Financial Group LLC lifted 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 acquiring an additional 426 shares during the period. Finally, POM Investment Strategies LLC acquired a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at approximately $31,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $41.30 on Thursday. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $59.33 billion, a price-to-earnings ratio of 36.55, a PEG ratio of 1.88 and a beta of 1.89. The firm’s fifty day simple moving average is $44.64 and its 200 day simple moving average is $46.89. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24.

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

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were issued a dividend of $0.15 per share. The ex-dividend date was Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.45%. Freeport-McMoRan’s payout ratio is 26.55%.

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of research reports. 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. Raymond James reduced their price target on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Wednesday, July 24th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price target for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Finally, Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $49.50 to $62.00 in a research report on Friday, June 21st. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average target price of $53.07.

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.