Covalis Capital LLP Makes New Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Covalis Capital LLP acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 342,324 shares of the natural resource company's stock, valued at approximately $13,036,000. Freeport-McMoRan comprises approximately 1.9% of Covalis Capital LLP's investment portfolio, making the stock its 20th biggest position.

Other large investors have also recently made changes to their positions in the company. PFG Investments LLC increased its position in shares of Freeport-McMoRan by 1.3% during the 4th quarter. PFG Investments LLC now owns 22,910 shares of the natural resource company's stock valued at $872,000 after purchasing an additional 283 shares during the last quarter. Palogic Value Management L.P. grew its stake in shares of Freeport-McMoRan by 1.5% in the 4th quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company's stock worth $772,000 after buying an additional 292 shares in the last quarter. SeaCrest Wealth Management LLC lifted its stake in shares of Freeport-McMoRan by 1.6% in the 4th quarter. SeaCrest Wealth Management LLC now owns 19,104 shares of the natural resource company's stock valued at $727,000 after purchasing an additional 307 shares during the last quarter. CIBC Private Wealth Group LLC increased its position in shares of Freeport-McMoRan by 0.9% during the fourth quarter. CIBC Private Wealth Group LLC now owns 36,514 shares of the natural resource company's stock worth $1,451,000 after acquiring an additional 309 shares during the period. Finally, Inspire Advisors LLC raised its stake in shares of Freeport-McMoRan by 2.6% during the fourth quarter. Inspire Advisors LLC now owns 12,965 shares of the natural resource company's stock valued at $494,000 after acquiring an additional 325 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Hsbc Global Res raised Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Dbs Bank upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Wolfe Research raised shares of Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price target on the stock in a report on Wednesday. StockNews.com lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Tuesday, April 8th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of "Moderate Buy" and a consensus target price of $48.39.

Freeport-McMoRan Price Performance

FCX opened at $32.90 on Friday. The company has a market cap of $47.28 billion, a P/E ratio of 25.51, a P/E/G ratio of 0.87 and a beta of 1.71. The company has a 50 day moving average of $36.66 and a two-hundred day moving average of $40.52. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. On average, analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be given a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.82%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 23.26%.

About Freeport-McMoRan

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.