1900 Wealth Management LLC Makes New $203,000 Investment in Freeport-McMoRan Inc. (NYSE:FCX)

1900 Wealth Management LLC bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 4,766 shares of the natural resource company’s stock, valued at approximately $203,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. CM Management LLC grew its position in shares of Freeport-McMoRan by 80.0% during the 3rd quarter. CM Management LLC now owns 36,000 shares of the natural resource company’s stock worth $1,342,000 after purchasing an additional 16,000 shares in the last quarter. Signature Estate & Investment Advisors LLC grew its position in shares of Freeport-McMoRan by 6.4% during the 4th quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock worth $14,726,000 after purchasing an additional 20,894 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Freeport-McMoRan by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock worth $279,977,000 after purchasing an additional 102,466 shares in the last quarter. Cadinha & Co. LLC grew its position in shares of Freeport-McMoRan by 59.0% during the 4th quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock worth $27,572,000 after purchasing an additional 240,340 shares in the last quarter. Finally, Alphinity Investment Management Pty Ltd boosted its position in shares of Freeport-McMoRan by 57.4% during the 3rd quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock worth $201,039,000 after acquiring an additional 1,965,987 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

FCX has been the topic of several analyst reports. HSBC increased their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research report on Tuesday. Scotiabank increased their price target on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, April 9th. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price target on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Raymond James increased their price target on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a research report on Thursday, January 4th. Finally, JPMorgan Chase & Co. raised their target price on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Wednesday, April 17th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.15.

Freeport-McMoRan Trading Down 1.9 %

FCX opened at $48.00 on Wednesday. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $52.42. 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 company has a market cap of $68.85 billion, a P/E ratio of 37.80, a price-to-earnings-growth ratio of 2.25 and a beta of 2.04. The company has a fifty day moving average price of $44.02 and a two-hundred day moving average price of $40.14.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The firm had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The business’s revenue was up 17.3% on a year-over-year basis. During the same period last year, the company earned $0.52 earnings per share. Analysts predict that Freeport-McMoRan Inc. will post 1.57 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors 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 yield of 1.25%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 23.62%.

Freeport-McMoRan Company 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.