Gibbs Wealth Management Purchases 10,509 Shares of Freeport-McMoRan Inc. $FCX

Gibbs Wealth Management boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 49.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 31,872 shares of the natural resource company’s stock after buying an additional 10,509 shares during the quarter. Gibbs Wealth Management’s holdings in Freeport-McMoRan were worth $1,873,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in FCX. Pinnacle Bancorp Inc. raised its stake in Freeport-McMoRan by 7.9% in the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock valued at $118,000 after acquiring an additional 147 shares during the period. Steph & Co. boosted its position in Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares during the period. Essex Bank boosted its position in Freeport-McMoRan by 1.2% during the first quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock worth $829,000 after purchasing an additional 163 shares during the period. Leo Wealth LLC raised its position in shares of Freeport-McMoRan by 2.5% in the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock valued at $347,000 after purchasing an additional 170 shares during the period. Finally, Klein Pavlis & Peasley Financial Inc. raised its position in shares of Freeport-McMoRan by 0.9% in the first quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company’s stock valued at $1,098,000 after purchasing an additional 175 shares during the period. 80.77% of the stock is currently owned by institutional investors.

More Freeport-McMoRan News

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported second-quarter earnings of $0.74 per share, ahead of the $0.62 consensus, while revenue of $7.03 billion also topped estimates, helped by higher realized metal prices. Article Title
• Positive Sentiment: Freeport-McMoRan said net income rose sharply year over year, and commentary around strong income growth and improved operations points to healthy underlying profitability. Article Title
• Positive Sentiment: Higher copper prices provided a tailwind to results, and one analyst also raised FCX’s price target to $80, suggesting some optimism remains around the stock’s longer-term setup. Article Title
• Neutral Sentiment: Management posted its quarterly and six-month results and highlighted strategic expansions, but also noted challenges from capital spending and regulatory approvals. Article Title
• Negative Sentiment: Shares are under pressure because lower operating rates at the Grasberg mine and a softer copper sales outlook for the next quarter have raised concerns about near-term production and revenue. Article Title
• Negative Sentiment: Recent weakness in copper prices has also weighed on sentiment across the sector, adding to investor caution around FCX’s near-term earnings momentum. Article Title

Wall Street Analyst Weigh In

Several research analysts recently commented on FCX shares. Wall Street Zen raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Morgan Stanley increased their target price on Freeport-McMoRan from $66.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 8th. Weiss Ratings lowered Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 7th. BMO Capital Markets reiterated an “outperform” rating and issued a $78.00 price target on shares of Freeport-McMoRan in a research report on Thursday. Finally, Scotiabank boosted their price objective on Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research note on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $68.95.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $63.31 on Friday. The company has a market cap of $91.01 billion, a PE ratio of 33.67, a price-to-earnings-growth ratio of 0.64 and a beta of 1.37. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The stock has a 50-day moving average price of $63.59 and a 200-day moving average price of $62.33. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.12. The company had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. Freeport-McMoRan’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.54 earnings per share. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 2.72 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be given a dividend of $0.075 per share. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is 15.96%.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.