AXQ Capital LP Increases Position in Freeport-McMoRan Inc. $FCX

AXQ Capital LP boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 104.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,647 shares of the natural resource company’s stock after purchasing an additional 6,470 shares during the quarter. AXQ Capital LP’s holdings in Freeport-McMoRan were worth $548,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Callan Family Office LLC lifted its position in shares of Freeport-McMoRan by 229.9% in the second quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock valued at $1,170,000 after acquiring an additional 18,803 shares in the last quarter. New York Life Investment Management LLC increased its position in shares of Freeport-McMoRan by 11.8% during the second quarter. New York Life Investment Management LLC now owns 215,058 shares of the natural resource company’s stock worth $9,323,000 after purchasing an additional 22,766 shares in the last quarter. Bourgeon Capital Management LLC raised its stake in Freeport-McMoRan by 8.1% in the 2nd quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock valued at $14,373,000 after purchasing an additional 24,803 shares during the last quarter. Mercuria Capital Strategies LLC purchased a new position in Freeport-McMoRan in the 2nd quarter valued at $9,970,000. Finally, LGT Fund Management Co Ltd. boosted its stake in Freeport-McMoRan by 1,028.6% during the 2nd quarter. LGT Fund Management Co Ltd. now owns 89,862 shares of the natural resource company’s stock worth $3,896,000 after purchasing an additional 81,900 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FCX. CICC Research decreased their price target on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research note on Friday, September 26th. Deutsche Bank Aktiengesellschaft lowered their target price on Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, October 2nd. Jefferies Financial Group reaffirmed a “buy” rating and issued a $46.00 price target on shares of Freeport-McMoRan in a report on Wednesday, September 24th. Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Wednesday, October 8th. Finally, Royal Bank Of Canada cut their target price on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 1st. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Buy” and a consensus price target of $46.73.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $39.81 on Friday. The company has a 50-day simple moving average of $41.09 and a 200-day simple moving average of $41.87. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $49.12. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. The stock has a market capitalization of $57.16 billion, a price-to-earnings ratio of 28.04, a PEG ratio of 0.94 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The firm had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.74 billion. During the same quarter in the prior year, the company posted $0.38 earnings per share. Freeport-McMoRan’s quarterly revenue was up 2.7% on a year-over-year basis. On average, analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Wednesday, October 15th. Freeport-McMoRan’s payout ratio is currently 21.13%.

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.