Waldron Private Wealth LLC Makes New Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Waldron Private Wealth LLC acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 14,071 shares of the natural resource company’s stock, valued at approximately $599,000.

A number of other large investors have also modified their holdings of the company. Fairfield Bush & CO. purchased a new stake in shares of Freeport-McMoRan during the first quarter worth about $26,000. KB Financial Partners LLC purchased a new stake in shares of Freeport-McMoRan during the first quarter worth about $26,000. Bruce G. Allen Investments LLC purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth about $27,000. Retirement Group LLC increased its stake in shares of Freeport-McMoRan by 97.1% during the second quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock worth $27,000 after purchasing an additional 330 shares in the last quarter. Finally, BluePath Capital Management LLC purchased a new stake in shares of Freeport-McMoRan during the third quarter worth about $28,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on FCX shares. Raymond James boosted their target price on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a research note on Thursday, January 4th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a research note on Tuesday, April 9th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Finally, Scotiabank upped their price objective on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a research note on Tuesday, April 9th. 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 company presently has an average rating of “Hold” and an average target price of $46.71.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $50.02 on Tuesday. The firm’s 50 day moving average price is $42.69 and its 200-day moving average price is $39.59. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $52.42. The firm has a market cap of $71.75 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 issued its quarterly earnings data on Wednesday, January 24th. The natural resource company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.23 by $0.04. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The firm had revenue of $5.91 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same period in the prior year, the business posted $0.52 EPS. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities research analysts predict that Freeport-McMoRan Inc. will post 1.6 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a yield of 1.20%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 23.62%.

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.