Fourpath Capital Management LLC Acquires 323 Shares of Freeport-McMoRan Inc. $FCX

Fourpath Capital Management LLC boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 5.0% during the second quarter, Holdings Channel.com reports. The fund owned 6,827 shares of the natural resource company’s stock after buying an additional 323 shares during the quarter. Fourpath Capital Management LLC’s holdings in Freeport-McMoRan were worth $296,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Beacon Capital Management LLC increased its stake in Freeport-McMoRan by 59.6% in the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after acquiring an additional 327 shares during the last quarter. Dagco Inc. bought a new position in Freeport-McMoRan in the 1st quarter worth about $37,000. Hilltop National Bank bought a new position in Freeport-McMoRan in the 2nd quarter worth about $43,000. CKW Financial Group bought a new position in Freeport-McMoRan in the 1st quarter worth about $40,000. Finally, Greykasell Wealth Strategies Inc. bought a new position in Freeport-McMoRan in the 1st quarter worth about $42,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Trading Down 5.5%

Shares of FCX stock opened at $40.92 on Friday. The stock has a market capitalization of $58.74 billion, a PE ratio of 31.00, a P/E/G ratio of 0.97 and a beta of 1.58. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $50.28. The business has a 50-day moving average of $42.51 and a 200 day moving average of $40.55. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The company had revenue of $7.58 billion during the quarter, compared to analysts’ expectations of $6.85 billion. During the same period in the prior year, the business posted $0.46 EPS. Freeport-McMoRan’s quarterly revenue was up 14.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be issued a $0.15 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is 22.73%.

Analyst Ratings Changes

Several equities analysts have recently commented on FCX shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a research report on Wednesday. Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, September 26th. Jefferies Financial Group reiterated a “buy” rating and set a $46.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, September 24th. HSBC reduced their price objective on Freeport-McMoRan from $46.00 to $43.00 and set a “hold” rating on the stock in a research report on Thursday, September 25th. Finally, Clarkson Capital reiterated a “neutral” rating and set a $42.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, September 25th. Three research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.56.

Freeport-McMoRan 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.