CreativeOne Wealth LLC Acquires 2,650 Shares of Freeport-McMoRan Inc. $FCX

CreativeOne Wealth LLC increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 19.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,211 shares of the natural resource company’s stock after purchasing an additional 2,650 shares during the quarter. CreativeOne Wealth LLC’s holdings in Freeport-McMoRan were worth $703,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Freeport-McMoRan by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 126,983,947 shares of the natural resource company’s stock worth $5,504,754,000 after buying an additional 1,941,662 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Freeport-McMoRan by 17.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock worth $1,421,549,000 after acquiring an additional 5,661,958 shares in the last quarter. Amundi boosted its position in Freeport-McMoRan by 28.1% during the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after purchasing an additional 6,054,537 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Freeport-McMoRan by 16.0% in the first quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company’s stock valued at $498,270,000 after purchasing an additional 1,815,285 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Freeport-McMoRan by 21.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 11,968,781 shares of the natural resource company’s stock worth $453,138,000 after purchasing an additional 2,133,846 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on FCX. Hsbc Global Res raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 16th. Raymond James Financial cut their price target on shares of Freeport-McMoRan from $46.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, November 19th. Clarkson Capital raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 target price on the stock in a report on Wednesday, November 19th. Scotiabank upgraded Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and reduced their price target for the stock from $51.00 to $47.00 in a report on Wednesday, November 19th. Finally, JPMorgan Chase & Co. upped their price objective on Freeport-McMoRan from $46.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, October 9th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Freeport-McMoRan currently has a consensus rating of “Buy” and an average price target of $46.73.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $42.91 on Friday. The firm has a market cap of $61.61 billion, a P/E ratio of 30.21, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64. The business’s 50 day moving average is $40.75 and its 200-day moving average is $41.97. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $49.12.

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

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date was Wednesday, October 15th. Freeport-McMoRan’s payout ratio is presently 21.13%.

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.