Freeport-McMoRan Inc. $FCX Shares Purchased by Wealthfront Advisers LLC

Wealthfront Advisers LLC raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 31.6% in the first quarter, Holdings Channel.com reports. The fund owned 194,880 shares of the natural resource company’s stock after buying an additional 46,809 shares during the quarter. Wealthfront Advisers LLC’s holdings in Freeport-McMoRan were worth $11,455,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Steph & Co. raised its holdings in shares of Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares during the period. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Freeport-McMoRan during the 4th quarter worth about $25,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Freeport-McMoRan during the 4th quarter worth about $29,000. Financial Life Planners acquired a new stake in Freeport-McMoRan during the 1st quarter worth approximately $34,000. Finally, SHP Wealth Management acquired a new stake in Freeport-McMoRan during the 4th quarter worth approximately $30,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $58.44 on Friday. 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 company’s fifty day moving average price is $63.87 and its two-hundred day moving average price is $61.94. The firm has a market capitalization of $84.02 billion, a P/E ratio of 31.09, a P/E/G ratio of 0.59 and a beta of 1.37. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.28.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same period last year, the firm earned $0.24 earnings per share. The company’s revenue was up 8.8% on a year-over-year basis. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 2.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be issued a $0.075 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is currently 15.96%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FCX. JPMorgan Chase & Co. lifted their price target on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Morgan Stanley boosted their price objective on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 8th. CICC Research dropped their price objective on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research report on Tuesday, April 28th. Raymond James Financial cut their target price on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research note on Friday, April 24th. Finally, Barclays lifted their target price on shares of Freeport-McMoRan from $77.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $68.77.

About Freeport-McMoRan

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.