Financial Network Wealth Advisors LLC Increases Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Financial Network Wealth Advisors LLC boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 54.7% during the 1st quarter, HoldingsChannel reports. The firm owned 1,446 shares of the natural resource company’s stock after purchasing an additional 511 shares during the period. Financial Network Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $55,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of FCX. Nuveen LLC purchased a new position in Freeport-McMoRan in the first quarter worth about $366,959,000. Price T Rowe Associates Inc. MD boosted its position in Freeport-McMoRan by 21.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company’s stock worth $1,214,203,000 after purchasing an additional 5,735,171 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Freeport-McMoRan by 13.7% in the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock worth $830,726,000 after purchasing an additional 2,642,810 shares during the last quarter. Phoenix Financial Ltd. raised its stake in shares of Freeport-McMoRan by 1,354.9% in the first quarter. Phoenix Financial Ltd. now owns 2,641,129 shares of the natural resource company’s stock worth $100,001,000 after buying an additional 2,459,598 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in shares of Freeport-McMoRan by 21.7% in the first quarter. Goldman Sachs Group Inc. now owns 11,968,781 shares of the natural resource company’s stock worth $453,138,000 after buying an additional 2,133,846 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $42.72 on Thursday. The stock has a market capitalization of $61.39 billion, a PE ratio of 32.36, a P/E/G ratio of 0.80 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The business has a 50 day simple moving average of $42.98 and a two-hundred day simple moving average of $39.14. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $52.61.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%. The firm had revenue of $7.58 billion during the quarter, compared to analysts’ expectations of $6.85 billion. During the same quarter in the previous year, the business earned $0.46 EPS. The company’s quarterly revenue was up 14.5% on a year-over-year basis. On average, research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 22.73%.

Analyst Upgrades and Downgrades

FCX has been the topic of several recent research reports. Scotiabank raised their price objective on Freeport-McMoRan from $48.00 to $52.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 9th. Stifel Canada raised Freeport-McMoRan to a “strong-buy” rating in a research note on Tuesday, July 8th. Royal Bank Of Canada raised their price objective on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a “sector perform” rating in a research note on Wednesday, June 4th. UBS Group downgraded Freeport-McMoRan from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $45.00 to $50.00 in a research note on Friday, July 11th. Finally, JPMorgan Chase & Co. raised their price objective on Freeport-McMoRan from $42.00 to $56.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 9th. Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $51.00.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total transaction of $343,531.68. Following the completion of the sale, the chief accounting officer directly owned 48,333 shares of the company’s stock, valued at $1,934,286.66. The trade was a 15.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.75% of the stock is currently owned by company insiders.

Freeport-McMoRan 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.