Life Cycle Investment Partners Ltd Purchases Shares of 457,730 Freeport-McMoRan Inc. $FCX

Life Cycle Investment Partners Ltd bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 457,730 shares of the natural resource company’s stock, valued at approximately $23,248,000.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC increased its holdings in Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after purchasing an additional 2,882 shares during the last quarter. Bison Wealth LLC lifted its position in Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after acquiring an additional 507 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in Freeport-McMoRan in the second quarter valued at $560,000. Brown Advisory Inc. lifted its position in Freeport-McMoRan by 27.0% in the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock valued at $539,000 after acquiring an additional 2,648 shares during the last quarter. Finally, Jump Financial LLC lifted its position in Freeport-McMoRan by 42.7% in the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock valued at $2,172,000 after acquiring an additional 14,992 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Shares of FCX opened at $61.92 on Friday. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $70.96. The stock’s 50 day moving average is $61.41 and its two-hundred day moving average is $56.35. The firm has a market capitalization of $89.01 billion, a PE ratio of 32.94, a P/E/G ratio of 0.75 and a beta of 1.32. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the previous year, the company earned $0.24 EPS. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. Research analysts anticipate that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s payout ratio is currently 15.96%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on FCX shares. Wells Fargo & Company reduced their price target on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, April 24th. Bank of America boosted their price target on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. The Goldman Sachs Group lowered their price target on Freeport-McMoRan from $70.00 to $68.00 and set a “buy” rating on the stock in a report on Friday, April 24th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Finally, UBS Group raised their price target on Freeport-McMoRan from $74.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $65.72.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.