Mirabella Financial Services LLP Takes $475,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

Mirabella Financial Services LLP purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 9,522 shares of the natural resource company’s stock, valued at approximately $475,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Mount Yale Investment Advisors LLC acquired a new stake in Freeport-McMoRan in the 1st quarter valued at about $277,000. California State Teachers Retirement System grew its position in shares of Freeport-McMoRan by 3.4% in the first quarter. California State Teachers Retirement System now owns 2,599,705 shares of the natural resource company’s stock valued at $122,238,000 after purchasing an additional 84,350 shares during the last quarter. Tidal Investments LLC increased its stake in shares of Freeport-McMoRan by 42.1% during the 1st quarter. Tidal Investments LLC now owns 142,639 shares of the natural resource company’s stock worth $6,701,000 after purchasing an additional 42,267 shares in the last quarter. Castleark Management LLC raised its position in shares of Freeport-McMoRan by 1,577.6% during the 1st quarter. Castleark Management LLC now owns 152,830 shares of the natural resource company’s stock worth $7,186,000 after purchasing an additional 143,720 shares during the last quarter. Finally, Jaffetilchin Investment Partners LLC lifted its stake in Freeport-McMoRan by 5.6% in the 1st quarter. Jaffetilchin Investment Partners LLC now owns 10,266 shares of the natural resource company’s stock valued at $483,000 after buying an additional 549 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 1.6 %

Shares of FCX opened at $44.40 on Tuesday. Freeport-McMoRan Inc. has a fifty-two week low of $36.04 and a fifty-two week high of $55.24. The company’s fifty day moving average is $46.90 and its two-hundred day moving average is $47.05. The firm has a market cap of $63.80 billion, a PE ratio of 32.41, a price-to-earnings-growth ratio of 1.89 and a beta of 1.91. 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 issued its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. The firm 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 revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.39 earnings per share. Analysts forecast that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on FCX. JPMorgan Chase & Co. boosted their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their target price for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Raymond James raised their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Morgan Stanley cut their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. Finally, Scotiabank decreased their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average 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.