Point72 Asia Singapore Pte. Ltd. Buys 12,056 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1,206.8% in the third quarter, Holdings Channel reports. The firm owned 13,055 shares of the natural resource company’s stock after acquiring an additional 12,056 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in Freeport-McMoRan were worth $652,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. boosted its position in Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after purchasing an additional 480 shares during the period. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan during the second quarter worth approximately $25,000. Matrix Trust Co acquired a new position in shares of Freeport-McMoRan during the third quarter worth approximately $25,000. Lynx Investment Advisory acquired a new position in shares of Freeport-McMoRan during the second quarter worth approximately $26,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in shares of Freeport-McMoRan during the second quarter worth approximately $27,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $44.20 on Monday. The business’s 50-day simple moving average is $46.87 and its 200 day simple moving average is $46.85. The stock has a market cap of $63.51 billion, a price-to-earnings ratio of 32.26, a P/E/G ratio of 17.44 and a beta of 1.91. Freeport-McMoRan Inc. has a 12-month low of $36.04 and a 12-month high of $55.24. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.01. The business had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.39 earnings per share. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.68%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is 21.90%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FCX. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price target for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Scotiabank cut their target price on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 23rd. Morgan Stanley cut their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Finally, JPMorgan Chase & Co. upped their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

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.