McLaughlin Asset Management Inc. Buys New Stake in Freeport-McMoRan Inc. $FCX

McLaughlin Asset Management Inc. purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 11,112 shares of the natural resource company’s stock, valued at approximately $564,000.

Several other institutional investors also recently added to or reduced their stakes in the business. Kemnay Advisory Services Inc. bought a new position in Freeport-McMoRan during the fourth quarter worth $29,000. JPL Wealth Management LLC bought a new stake in Freeport-McMoRan in the 3rd quarter valued at $33,000. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $38,000. Modus Advisors LLC acquired a new stake in Freeport-McMoRan during the fourth quarter worth about $40,000. Finally, Key Financial Inc increased its stake in Freeport-McMoRan by 32.3% during the fourth quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock valued at $42,000 after acquiring an additional 202 shares during the period. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Down 0.4%

NYSE FCX opened at $68.80 on Friday. The stock’s 50 day simple moving average is $64.91 and its 200 day simple moving average is $59.95. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The firm has a market cap of $98.90 billion, a PE ratio of 36.60, a price-to-earnings-growth ratio of 0.85 and a beta of 1.35. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.28.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) 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 business had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. During the same period in the previous year, the business posted $0.24 earnings per share. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.51 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 15.96%.

Analysts Set New Price Targets

Several equities analysts have commented on the company. The Goldman Sachs Group upped their price target on Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Freedom Capital raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Morgan Stanley reiterated an “equal weight” rating and set a $66.00 price target (down from $70.00) on shares of Freeport-McMoRan in a research note on Friday, April 24th. UBS Group lifted their target price on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Finally, Scotiabank increased their price target on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research report on Monday. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $67.81.

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.