Deuterium Capital Management LLC Invests $724,000 in Freeport-McMoRan Inc. (NYSE:FCX)
Deuterium Capital Management LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) in the 1st quarter, HoldingsChannel.com reports. The fund acquired 17,686 shares of the natural resource company’s stock, valued at approximately $724,000. Freeport-McMoRan makes up 1.1% of Deuterium Capital Management LLC’s portfolio, making the stock its 25th largest holding.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Gabelli Funds LLC raised its holdings in Freeport-McMoRan by 2.0% during the first quarter. Gabelli Funds LLC now owns 1,263,100 shares of the natural resource company’s stock worth $51,673,000 after purchasing an additional 24,550 shares in the last quarter. Stifel Financial Corp raised its holdings in Freeport-McMoRan by 3.0% during the first quarter. Stifel Financial Corp now owns 1,036,576 shares of the natural resource company’s stock worth $42,407,000 after purchasing an additional 29,962 shares in the last quarter. Nwam LLC raised its holdings in Freeport-McMoRan by 5.1% during the first quarter. Nwam LLC now owns 133,325 shares of the natural resource company’s stock worth $5,454,000 after purchasing an additional 6,440 shares in the last quarter. Candriam S.C.A. bought a new stake in Freeport-McMoRan during the first quarter worth approximately $1,998,000. Finally, Senator Investment Group LP bought a new stake in Freeport-McMoRan during the first quarter worth approximately $34,774,000. 77.96% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research firms have issued reports on FCX. Stifel Nicolaus dropped their price target on Freeport-McMoRan from $49.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, August 22nd. Scotiabank dropped their price target on Freeport-McMoRan from $49.00 to $48.00 in a report on Tuesday, July 25th. Sanford C. Bernstein began coverage on Freeport-McMoRan in a report on Thursday, June 29th. They issued a “market perform” rating and a $41.00 price target on the stock. Morgan Stanley reaffirmed an “equal weight” rating and issued a $38.50 price target on shares of Freeport-McMoRan in a report on Friday, July 21st. Finally, StockNews.com assumed coverage on shares of Freeport-McMoRan in a research note on Thursday, August 17th. They set a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $39.96.
Check Out Our Latest Report on FCX
Freeport-McMoRan Stock Down 0.9 %
Shares of Freeport-McMoRan stock traded down $0.35 on Friday, hitting $39.41. 1,081,640 shares of the company traded hands, compared to its average volume of 12,088,315. The company has a 50-day moving average price of $40.86 and a 200 day moving average price of $39.36. The company has a quick ratio of 1.72, a current ratio of 2.94 and a debt-to-equity ratio of 0.36. Freeport-McMoRan Inc. has a 12-month low of $26.03 and a 12-month high of $46.73. The company has a market cap of $56.50 billion, a PE ratio of 27.12 and a beta of 2.07.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last posted its quarterly earnings results on Thursday, July 20th. The natural resource company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.01). Freeport-McMoRan had a net margin of 9.63% and a return on equity of 9.45%. The company had revenue of $5.74 billion for the quarter, compared to analysts’ expectations of $5.61 billion. During the same quarter in the prior year, the firm earned $0.58 earnings per share. The company’s revenue was up 5.9% on a year-over-year basis. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.62 earnings per share for the current year.
Freeport-McMoRan Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Friday, July 14th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date was Thursday, July 13th. Freeport-McMoRan’s dividend payout ratio is presently 20.69%.
Freeport-McMoRan Profile
(Free Report)
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, as well as oil and gas. The company’s assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
See Also
Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX – Free Report).
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