Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Wealth Alliance

Wealth Alliance raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 17.2% in the 4th quarter, HoldingsChannel reports. The fund owned 13,933 shares of the natural resource company’s stock after acquiring an additional 2,042 shares during the period. Wealth Alliance’s holdings in Freeport-McMoRan were worth $593,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Fairfield Bush & CO. purchased a new stake in shares of Freeport-McMoRan during the 1st quarter valued at $26,000. KB Financial Partners LLC purchased a new stake in shares of Freeport-McMoRan during the 1st quarter valued at $26,000. Bruce G. Allen Investments LLC purchased a new stake in shares of Freeport-McMoRan during the 4th quarter valued at $27,000. Retirement Group LLC grew its stake in shares of Freeport-McMoRan by 97.1% during the 2nd quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock valued at $27,000 after buying an additional 330 shares during the period. Finally, BluePath Capital Management LLC purchased a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at $28,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. 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. Raymond James upped their price target on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a research report on Thursday, January 4th. Scotiabank upped their price target on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, April 9th. JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price target on shares of Freeport-McMoRan in a research report on Thursday, January 25th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $47.54.

Freeport-McMoRan Trading Up 0.8 %

Shares of NYSE:FCX opened at $49.81 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. The stock has a market capitalization of $71.45 billion, a price-to-earnings ratio of 39.22, a PEG ratio of 2.23 and a beta of 2.04. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $52.42. The company has a 50 day moving average price of $43.08 and a 200 day moving average price of $39.75.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, January 24th. The natural resource company reported $0.27 EPS for the quarter, beating 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 business had revenue of $5.91 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the prior year, the firm earned $0.52 EPS. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.6 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders 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 dividend yield of 1.20%. Freeport-McMoRan’s dividend payout ratio is currently 23.62%.

About Freeport-McMoRan

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.