Lake Hills Wealth Management LLC Invests $436,000 in Freeport-McMoRan Inc. (NYSE:FCX)

Lake Hills Wealth Management LLC bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 11,523 shares of the natural resource company’s stock, valued at approximately $436,000. Freeport-McMoRan accounts for 0.3% of Lake Hills Wealth Management LLC’s investment portfolio, making the stock its 28th largest position.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC raised its stake in Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after buying an additional 2,882 shares in the last quarter. Stratos Wealth Partners LTD. raised its stake in Freeport-McMoRan by 5.2% in the fourth quarter. Stratos Wealth Partners LTD. now owns 40,195 shares of the natural resource company’s stock worth $1,531,000 after buying an additional 2,001 shares in the last quarter. Bleakley Financial Group LLC raised its stake in Freeport-McMoRan by 17.1% in the fourth quarter. Bleakley Financial Group LLC now owns 78,350 shares of the natural resource company’s stock worth $2,984,000 after buying an additional 11,441 shares in the last quarter. Hedeker Wealth LLC raised its stake in Freeport-McMoRan by 1.0% in the fourth quarter. Hedeker Wealth LLC now owns 67,341 shares of the natural resource company’s stock worth $2,564,000 after buying an additional 641 shares in the last quarter. Finally, Leo Wealth LLC raised its stake in Freeport-McMoRan by 4.5% in the fourth quarter. Leo Wealth LLC now owns 14,399 shares of the natural resource company’s stock worth $548,000 after buying an additional 616 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CAO Ellie L. Mikes sold 8,584 shares of the firm’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the sale, the chief accounting officer now owns 48,333 shares in the company, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.75% of the stock is currently owned by corporate insiders.

Freeport-McMoRan Trading Down 0.5%

NYSE:FCX opened at $41.50 on Friday. The company’s 50 day moving average price is $36.45 and its 200-day moving average price is $38.36. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The stock has a market cap of $59.64 billion, a price-to-earnings ratio of 32.17, a PEG ratio of 0.87 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The firm had revenue of $5.73 billion for the quarter, compared to analysts’ expectations of $5.36 billion. During the same quarter in the prior year, the company posted $0.32 earnings per share. The business’s revenue for the quarter was down 9.4% on a year-over-year basis. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.45%. The ex-dividend date of this dividend was Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio is currently 24.79%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on FCX shares. JPMorgan Chase & Co. decreased their price target on shares of Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Dbs Bank raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Wolfe Research raised shares of Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 target price for the company in a research note on Wednesday, April 16th. Jefferies Financial Group reaffirmed a “buy” rating and set a $50.00 target price (up previously from $48.00) on shares of Freeport-McMoRan in a research note on Friday, April 25th. Finally, Wall Street Zen downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday, April 8th. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $47.82.

About Freeport-McMoRan

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.