27,011 Shares in Freeport-McMoRan Inc. $FCX Purchased by Edgestream Partners L.P.

Edgestream Partners L.P. bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 27,011 shares of the natural resource company’s stock, valued at approximately $1,171,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Panagora Asset Management Inc. grew its holdings in shares of Freeport-McMoRan by 70.8% in the second quarter. Panagora Asset Management Inc. now owns 2,099,560 shares of the natural resource company’s stock valued at $91,016,000 after purchasing an additional 870,536 shares in the last quarter. VestGen Advisors LLC boosted its position in Freeport-McMoRan by 97.7% in the 2nd quarter. VestGen Advisors LLC now owns 35,699 shares of the natural resource company’s stock valued at $1,548,000 after buying an additional 17,638 shares during the period. Railway Pension Investments Ltd grew its stake in shares of Freeport-McMoRan by 8.1% in the second quarter. Railway Pension Investments Ltd now owns 2,035,700 shares of the natural resource company’s stock worth $88,248,000 after acquiring an additional 153,300 shares in the last quarter. Legacy Capital Wealth Partners LLC acquired a new position in shares of Freeport-McMoRan in the second quarter worth $201,000. Finally, West Family Investments Inc. increased its position in shares of Freeport-McMoRan by 91.1% during the second quarter. West Family Investments Inc. now owns 13,983 shares of the natural resource company’s stock worth $606,000 after acquiring an additional 6,666 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $45.22 on Friday. The company has a quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $49.12. The firm’s 50 day moving average is $41.17 and its two-hundred day moving average is $42.16. The firm has a market capitalization of $64.94 billion, a P/E ratio of 31.85, a P/E/G ratio of 1.01 and a beta of 1.49.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.09. The business had revenue of $6.97 billion during the quarter, compared to analysts’ expectations of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.38 EPS. Research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed 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 of this dividend was Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.13%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on FCX shares. Sanford C. Bernstein lowered their target price on Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating for the company in a research note on Tuesday, October 14th. Hsbc Global Res upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 16th. Wall Street Zen cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Raymond James Financial decreased their price target on shares of Freeport-McMoRan from $46.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, November 19th. Finally, BMO Capital Markets dropped their price objective on shares of Freeport-McMoRan from $48.00 to $47.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 19th. 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 data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $47.30.

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.