Moran Wealth Management LLC Purchases 12,089 Shares of Freeport-McMoRan Inc. $FCX

Moran Wealth Management LLC boosted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 25.9% during the 1st quarter, HoldingsChannel reports. The firm owned 58,683 shares of the natural resource company’s stock after buying an additional 12,089 shares during the period. Moran Wealth Management LLC’s holdings in Freeport-McMoRan were worth $3,449,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. KBC Group NV lifted its holdings in shares of Freeport-McMoRan by 49.0% during the fourth quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock valued at $11,267,000 after purchasing an additional 73,002 shares in the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in Freeport-McMoRan in the 4th quarter worth about $8,857,000. Wellington Management Group LLP raised its position in Freeport-McMoRan by 190.9% in the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after buying an additional 23,950,557 shares during the last quarter. Dynamic Technology Lab Private Ltd lifted its stake in Freeport-McMoRan by 426.3% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 81,892 shares of the natural resource company’s stock valued at $3,212,000 after acquiring an additional 66,331 shares during the period. Finally, Franklin Resources Inc. lifted its stake in Freeport-McMoRan by 31.2% during the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after acquiring an additional 8,891,743 shares during the period. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $60.88 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The company has a market cap of $87.52 billion, a P/E ratio of 32.38, a P/E/G ratio of 0.74 and a beta of 1.37. The firm’s fifty day moving average is $63.81 and its two-hundred day moving average is $61.34. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.28.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the prior year, the company earned $0.24 EPS. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. As a group, analysts anticipate that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Analyst Ratings Changes

A number of analysts have recently commented on FCX shares. JPMorgan Chase & Co. reduced their price target on shares of Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a research note on Monday, April 27th. Barclays initiated coverage on shares of Freeport-McMoRan in a research report on Thursday, May 21st. They issued an “overweight” rating and a $77.00 target price for the company. HSBC boosted their target price on shares of Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. Citigroup cut their price objective on Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating for the company in a report on Friday, May 1st. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $68.36.

Freeport-McMoRan Company 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.