Accel Wealth Management Boosts Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Accel Wealth Management grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 27.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,002 shares of the natural resource company’s stock after purchasing an additional 1,495 shares during the period. Accel Wealth Management’s holdings in Freeport-McMoRan were worth $298,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in FCX. CM Management LLC increased its stake in shares of Freeport-McMoRan by 80.0% in the third quarter. CM Management LLC now owns 36,000 shares of the natural resource company’s stock worth $1,342,000 after buying an additional 16,000 shares during the last quarter. Ion Asset Management Ltd. increased its stake in shares of Freeport-McMoRan by 72.7% in the second quarter. Ion Asset Management Ltd. now owns 504,000 shares of the natural resource company’s stock worth $20,160,000 after buying an additional 212,100 shares during the last quarter. PointState Capital LP increased its stake in shares of Freeport-McMoRan by 171.9% in the second quarter. PointState Capital LP now owns 1,439,447 shares of the natural resource company’s stock worth $57,578,000 after buying an additional 910,004 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Freeport-McMoRan by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock worth $279,977,000 after buying an additional 102,466 shares during the last quarter. Finally, Alphinity Investment Management Pty Ltd increased its stake in shares of Freeport-McMoRan by 57.4% in the third quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock worth $201,039,000 after buying an additional 1,965,987 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FCX. UBS Group dropped their price target on shares of Freeport-McMoRan from $42.00 to $41.00 and set a “neutral” rating for the company in a research note on Wednesday, December 13th. Morgan Stanley lowered their target price on shares of Freeport-McMoRan from $41.00 to $40.00 and set an “equal weight” rating for the company in a research note on Thursday, December 7th. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 target price on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $41.00 to $48.50 in a report on Monday, January 8th. Finally, Raymond James upped their price target on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a report on Thursday, January 4th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of “Hold” and an average target price of $44.95.

Freeport-McMoRan Stock Performance

FCX stock traded up $1.10 during midday trading on Thursday, hitting $46.99. The stock had a trading volume of 20,164,344 shares, compared to its average volume of 12,994,903. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32. The stock has a 50-day simple moving average of $40.08 and a 200 day simple moving average of $38.62. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $47.19. The firm has a market capitalization of $67.40 billion, a price-to-earnings ratio of 37.09 and a beta of 2.02.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.04. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The business had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter last year, the business earned $0.52 earnings per share. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.53 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.28%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 23.62%.

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.