55,400 Shares in Freeport-McMoRan Inc. $FCX Acquired by Independent Financial Group LLC

Independent Financial Group LLC acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 55,400 shares of the natural resource company’s stock, valued at approximately $3,256,000.

Several other institutional investors have also added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at $25,000. Steph & Co. raised its holdings in shares of Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after buying an additional 150 shares in the last quarter. Kemnay Advisory Services Inc. bought a new stake in shares of Freeport-McMoRan during the 4th quarter worth $29,000. SHP Wealth Management bought a new stake in shares of Freeport-McMoRan during the 4th quarter worth $30,000. Finally, JPL Wealth Management LLC acquired a new stake in Freeport-McMoRan in the third quarter valued at about $33,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Down 0.2%

NYSE FCX opened at $58.44 on Friday. The company has a market cap of $84.02 billion, a price-to-earnings ratio of 31.09, a price-to-earnings-growth ratio of 0.59 and a beta of 1.37. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.28. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The business’s fifty day moving average is $63.87 and its 200 day moving average is $61.94.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping 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 business had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter in the prior year, the firm earned $0.24 EPS. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, sell-side analysts expect that Freeport-McMoRan Inc. will post 2.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on FCX shares. Raymond James Financial decreased their target price on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research report on Friday, April 24th. Sanford C. Bernstein increased their target price on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a report on Wednesday, June 10th. Weiss Ratings downgraded shares of Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 7th. JPMorgan Chase & Co. lifted their price target on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Finally, BMO Capital Markets upped their price objective on shares of Freeport-McMoRan from $68.00 to $78.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.77.

About Freeport-McMoRan

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.