Railway Pension Investments Ltd Buys New Shares in Freeport-McMoRan Inc. (NYSE:FCX)

Railway Pension Investments Ltd purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 556,300 shares of the natural resource company’s stock, valued at approximately $22,252,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. America First Investment Advisors LLC bought a new stake in Freeport-McMoRan in the 1st quarter valued at about $25,000. Fairfield Bush & CO. acquired a new stake in Freeport-McMoRan in the first quarter valued at approximately $26,000. KB Financial Partners LLC bought a new stake in shares of Freeport-McMoRan during the first quarter valued at approximately $26,000. ICA Group Wealth Management LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth approximately $28,000. Finally, BDO Wealth Advisors LLC lifted its holdings in shares of Freeport-McMoRan by 626.5% in the 2nd quarter. BDO Wealth Advisors LLC now owns 741 shares of the natural resource company’s stock worth $30,000 after purchasing an additional 639 shares in the last quarter. 77.96% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX traded up $0.70 during mid-day trading on Tuesday, reaching $37.35. 2,489,594 shares of the company’s stock were exchanged, compared to its average volume of 11,678,915. The firm has a 50-day moving average price of $36.04 and a two-hundred day moving average price of $38.08. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.90 and a quick ratio of 1.67. The firm has a market capitalization of $53.56 billion, a price-to-earnings ratio of 24.76 and a beta of 2.06. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $46.73.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, October 19th. The natural resource company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.34 by $0.05. Freeport-McMoRan had a net margin of 9.50% and a return on equity of 9.98%. The business had revenue of $5.82 billion for the quarter, compared to analyst estimates of $5.43 billion. During the same quarter in the previous year, the firm posted $0.26 earnings per share. The company’s revenue for the quarter was up 16.4% on a year-over-year basis. Analysts predict that Freeport-McMoRan Inc. will post 1.45 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 1st. Shareholders of record on Friday, October 13th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend was Thursday, October 12th. Freeport-McMoRan’s dividend payout ratio is currently 20.27%.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Morgan Stanley decreased their price target on shares of Freeport-McMoRan from $44.00 to $41.00 and set an “equal weight” rating for the company in a research note on Friday, October 20th. Raymond James lowered their target price on shares of Freeport-McMoRan from $44.00 to $42.00 and set an “outperform” rating on the stock in a report on Friday, October 20th. Stifel Nicolaus cut their price target on Freeport-McMoRan from $49.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, August 22nd. BMO Capital Markets decreased their price objective on Freeport-McMoRan from $47.00 to $45.00 and set an “outperform” rating for the company in a report on Friday, October 20th. Finally, Scotiabank dropped their target price on Freeport-McMoRan from $49.00 to $48.00 in a report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Freeport-McMoRan has an average rating of “Hold” and a consensus target price of $42.50.

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, 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.