Freeport-McMoRan Inc. $FCX Shares Bought by Riverbend Wealth Management LLC

Riverbend Wealth Management LLC lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 16.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,597 shares of the natural resource company’s stock after buying an additional 1,227 shares during the quarter. Riverbend Wealth Management LLC’s holdings in Freeport-McMoRan were worth $373,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC boosted its position in Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after acquiring an additional 2,882 shares during the last quarter. Bison Wealth LLC boosted its holdings in shares of Freeport-McMoRan by 5.6% during the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 507 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Freeport-McMoRan by 5.6% during the first quarter. GAMMA Investing LLC now owns 22,805 shares of the natural resource company’s stock worth $863,000 after purchasing an additional 1,219 shares during the last quarter. Ritholtz Wealth Management grew its position in shares of Freeport-McMoRan by 5.8% in the first quarter. Ritholtz Wealth Management now owns 18,995 shares of the natural resource company’s stock valued at $719,000 after purchasing an additional 1,041 shares during the period. Finally, Inscription Capital LLC acquired a new position in Freeport-McMoRan in the first quarter valued at $271,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on FCX. Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price target on the stock in a research note on Wednesday, October 8th. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 target price on the stock in a research report on Tuesday, September 30th. CICC Research lowered their target price on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a report on Friday, September 26th. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, September 26th. Finally, Raymond James Financial decreased their price target on shares of Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating on the stock in a report on Thursday, September 25th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $46.56.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $41.66 on Friday. The firm has a fifty day moving average of $42.65 and a 200-day moving average of $40.62. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $50.12. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $59.81 billion, a P/E ratio of 31.56, a PEG ratio of 0.95 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. During the same quarter in the previous year, the business posted $0.46 EPS. The business’s quarterly revenue was up 14.5% on a year-over-year basis. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be given a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.4%. Freeport-McMoRan’s dividend payout ratio is presently 22.73%.

Freeport-McMoRan 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.