Eads & Heald Wealth Management Acquires 3,028 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Eads & Heald Wealth Management boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 23.1% during the fourth quarter, HoldingsChannel reports. The fund owned 16,152 shares of the natural resource company’s stock after purchasing an additional 3,028 shares during the quarter. Eads & Heald Wealth Management’s holdings in Freeport-McMoRan were worth $688,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Freeport-McMoRan by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock worth $4,451,285,000 after purchasing an additional 305,912 shares during the period. Geode Capital Management LLC lifted its position in shares of Freeport-McMoRan by 1.9% during the 1st quarter. Geode Capital Management LLC now owns 25,338,465 shares of the natural resource company’s stock valued at $1,033,858,000 after acquiring an additional 472,160 shares during the period. Northern Trust Corp lifted its position in shares of Freeport-McMoRan by 4.2% during the 3rd quarter. Northern Trust Corp now owns 17,756,034 shares of the natural resource company’s stock valued at $662,123,000 after acquiring an additional 709,114 shares during the period. Morgan Stanley lifted its position in shares of Freeport-McMoRan by 4.8% during the 4th quarter. Morgan Stanley now owns 16,533,638 shares of the natural resource company’s stock valued at $628,278,000 after acquiring an additional 753,458 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Freeport-McMoRan by 102.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,698,016 shares of the natural resource company’s stock valued at $355,838,000 after acquiring an additional 4,410,429 shares during the period. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Performance

NYSE FCX traded down $1.69 during trading hours on Tuesday, reaching $48.33. 4,954,829 shares of the company were exchanged, compared to its average volume of 13,458,561. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $52.42. The business’s 50 day simple moving average is $42.69 and its 200-day simple moving average is $39.59. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $69.33 billion, a P/E ratio of 39.39, a P/E/G ratio of 2.24 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.04. The firm had revenue of $5.91 billion during the quarter, compared to the consensus estimate of $5.85 billion. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The company’s revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the company earned $0.52 earnings per share. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 1.6 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be given a $0.15 dividend. The ex-dividend date is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.24%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 23.62%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Scotiabank boosted their target price on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a research report on Tuesday, April 9th. Raymond James boosted their target price on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research report on Thursday, January 4th. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a research report on Tuesday, April 9th. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 target price on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Finally, Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $41.00 to $48.50 in a report on Monday, January 8th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $46.71.

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.