Riposte Capital LLC Acquires Shares of 175,000 Freeport-McMoRan Inc. $FCX

Riposte Capital LLC acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 175,000 shares of the natural resource company’s stock, valued at approximately $10,286,000. Freeport-McMoRan accounts for about 2.6% of Riposte Capital LLC’s portfolio, making the stock its 12th largest holding.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Brighton Jones LLC grew its holdings in Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after purchasing an additional 2,882 shares during the period. Bison Wealth LLC lifted its position in shares of Freeport-McMoRan by 5.6% during the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after buying an additional 507 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in Freeport-McMoRan in the 2nd quarter valued at $560,000. Brown Advisory Inc. increased its holdings in Freeport-McMoRan by 27.0% in the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock worth $539,000 after acquiring an additional 2,648 shares in the last quarter. Finally, Jump Financial LLC increased its holdings in Freeport-McMoRan by 42.7% in the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock worth $2,172,000 after acquiring an additional 14,992 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Weiss Ratings cut shares of Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 7th. JPMorgan Chase & Co. boosted their price target on Freeport-McMoRan from $73.00 to $77.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Raymond James Financial decreased their price objective on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a report on Friday, April 24th. Wells Fargo & Company increased their target price on shares of Freeport-McMoRan from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday. Finally, HSBC boosted their price target on shares of Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $70.27.

Freeport-McMoRan Trading Down 1.8%

NYSE FCX opened at $61.58 on Wednesday. The firm’s 50-day moving average is $63.68 and its two-hundred day moving average is $62.47. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.28. The stock has a market capitalization of $88.53 billion, a P/E ratio of 30.34, a PEG ratio of 0.64 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.12. The company had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.Freeport-McMoRan’s revenue was down 7.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.54 EPS. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 2.74 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

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

Freeport-McMoRan Profile

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.