Modera Wealth Management LLC Takes Position in Freeport-McMoRan Inc. $FCX

Modera Wealth Management LLC bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 5,931 shares of the natural resource company’s stock, valued at approximately $257,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FCX. Dagco Inc. purchased a new stake in shares of Freeport-McMoRan during the first quarter valued at $37,000. Beacon Capital Management LLC lifted its position in Freeport-McMoRan by 59.6% during the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after acquiring an additional 327 shares during the period. CKW Financial Group purchased a new stake in Freeport-McMoRan during the 1st quarter valued at about $40,000. Greykasell Wealth Strategies Inc. purchased a new stake in Freeport-McMoRan during the 1st quarter valued at about $42,000. Finally, Hilltop National Bank acquired a new position in shares of Freeport-McMoRan in the second quarter valued at about $43,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FCX has been the subject of several recent research reports. Clarkson Capital reissued a “neutral” rating and set a $42.00 target price on shares of Freeport-McMoRan in a report on Thursday, September 25th. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price target for the company in a research note on Tuesday, September 30th. Wall Street Zen downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday. Scotiabank increased their price objective on shares of Freeport-McMoRan from $49.00 to $51.00 and gave the company a “sector perform” rating in a report on Tuesday, October 28th. Finally, BMO Capital Markets cut their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a research note on Wednesday, September 24th. Four analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $47.01.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $39.78 on Monday. The stock has a fifty day simple moving average of $42.09 and a 200-day simple moving average of $41.67. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. The stock has a market cap of $57.12 billion, a PE ratio of 28.02, a P/E/G ratio of 0.94 and a beta of 1.64. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $49.12.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The company had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same quarter in the prior year, the company posted $0.38 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 2.7% compared to the same quarter last year. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.5%. The ex-dividend date was Wednesday, October 15th. Freeport-McMoRan’s payout ratio is 21.13%.

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.