Arosa Capital Management LP Purchases Shares of 50,000 Freeport-McMoRan Inc. (NYSE:FCX)

Arosa Capital Management LP acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 50,000 shares of the natural resource company’s stock, valued at approximately $2,496,000. Freeport-McMoRan comprises 1.0% of Arosa Capital Management LP’s investment portfolio, making the stock its 19th largest holding.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Hazlett Burt & Watson Inc. boosted its stake in shares of Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after acquiring an additional 480 shares during the period. Spectrum Wealth Counsel LLC bought a new position in shares of Freeport-McMoRan during the second quarter worth approximately $25,000. Matrix Trust Co acquired a new stake in Freeport-McMoRan during the 3rd quarter worth approximately $25,000. Lynx Investment Advisory bought a new stake in Freeport-McMoRan in the 2nd quarter valued at $26,000. Finally, University of Texas Texas AM Investment Management Co. bought a new position in Freeport-McMoRan during the 2nd quarter worth $27,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Trading Up 1.0 %

NYSE FCX opened at $44.20 on Monday. The company has a market cap of $63.51 billion, a price-to-earnings ratio of 32.26, a price-to-earnings-growth ratio of 17.44 and a beta of 1.91. Freeport-McMoRan Inc. has a twelve month low of $36.04 and a twelve month high of $55.24. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The business’s fifty day moving average is $46.87 and its 200 day moving average is $46.85.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.39 EPS. As a group, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.5 EPS for the current fiscal 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 paid a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.68%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Raymond James boosted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Scotiabank lowered 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 report on Wednesday, October 23rd. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, JPMorgan Chase & Co. raised their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

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.