Targeted Financial Services LLC Invests $673,000 in Freeport-McMoRan Inc. $FCX

Targeted Financial Services LLC purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 13,242 shares of the natural resource company’s stock, valued at approximately $673,000. Freeport-McMoRan accounts for approximately 0.6% of Targeted Financial Services LLC’s holdings, making the stock its 24th biggest position.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FCX. Caitong International Asset Management Co. Ltd bought a new stake in Freeport-McMoRan during the 4th quarter valued at about $1,407,000. Reflection Asset Management purchased a new stake in Freeport-McMoRan during the 4th quarter valued at $76,000. Wick Capital Partners LLC purchased a new stake in Freeport-McMoRan during the fourth quarter valued at $269,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $25,000. Finally, TRU Independence Asset Management 2 LLC purchased a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $254,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FCX has been the topic of a number of recent analyst reports. The Goldman Sachs Group raised their target price on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Wells Fargo & Company cut their target price on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, April 24th. Raymond James Financial reduced their price target on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a report on Friday, April 24th. Wall Street Zen raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Finally, Citigroup lowered their target price on Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $67.81.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $68.80 on Friday. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.28. The stock has a fifty day simple moving average of $64.98 and a two-hundred day simple moving average of $60.01. The stock has a market capitalization of $98.90 billion, a price-to-earnings ratio of 36.60, a P/E/G ratio of 0.84 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. The business had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.24 EPS. On average, analysts predict that Freeport-McMoRan Inc. will post 2.51 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Freeport-McMoRan 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.