Choreo LLC Raises Stake in Freeport-McMoRan Inc. $FCX

Choreo LLC raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 25.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 30,382 shares of the natural resource company’s stock after acquiring an additional 6,072 shares during the period. Choreo LLC’s holdings in Freeport-McMoRan were worth $1,317,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Dagco Inc. bought a new position in shares of Freeport-McMoRan during the 1st quarter valued at $37,000. Beacon Capital Management LLC boosted its position in Freeport-McMoRan by 59.6% during the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after buying an additional 327 shares during the period. CKW Financial Group bought a new position in shares of Freeport-McMoRan during the first quarter valued at about $40,000. Greykasell Wealth Strategies Inc. purchased a new position in shares of Freeport-McMoRan in the first quarter worth about $42,000. Finally, Hilltop National Bank bought a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at about $43,000. 80.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on FCX shares. Scotiabank upgraded Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and reduced their price target for the stock from $51.00 to $47.00 in a research report on Wednesday, November 19th. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 target price on the stock in a research note on Tuesday, September 30th. BNP Paribas Exane dropped their price target on shares of Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a research report on Thursday, September 25th. UBS Group set a $48.00 price objective on shares of Freeport-McMoRan and gave the company a “buy” rating in a research report on Friday, October 3rd. Finally, Hsbc Global Res raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 16th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $46.73.

Freeport-McMoRan Stock Up 1.8%

Shares of NYSE FCX opened at $42.91 on Friday. The firm has a fifty day simple moving average of $40.75 and a two-hundred day simple moving average of $41.99. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $49.12. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $61.61 billion, a PE ratio of 30.21, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. 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 previous year, the firm posted $0.38 EPS. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. Equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were issued a dividend of $0.15 per share. The ex-dividend date was Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. Freeport-McMoRan’s dividend payout ratio is 21.13%.

About Freeport-McMoRan

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.