Alteri Wealth LLC Increases Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Alteri Wealth LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 29.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,790 shares of the natural resource company’s stock after buying an additional 2,024 shares during the quarter. Alteri Wealth LLC’s holdings in Freeport-McMoRan were worth $333,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Mizuho Bank Ltd. purchased a new position in shares of Freeport-McMoRan during the fourth quarter valued at about $26,000. Coppell Advisory Solutions LLC increased its position in shares of Freeport-McMoRan by 47.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company’s stock valued at $32,000 after buying an additional 268 shares during the period. City Holding Co. purchased a new position in shares of Freeport-McMoRan during the first quarter valued at about $33,000. Bernard Wealth Management Corp. purchased a new position in shares of Freeport-McMoRan during the fourth quarter valued at about $35,000. Finally, Wolff Wiese Magana LLC increased its position in shares of Freeport-McMoRan by 38.2% during the first quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company’s stock valued at $44,000 after buying an additional 319 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 0.7%

Shares of NYSE FCX opened at $44.87 on Monday. The firm’s 50 day moving average price is $42.43 and its 200-day moving average price is $38.98. The company has a market cap of $64.48 billion, a PE ratio of 33.99, a P/E/G ratio of 0.82 and a beta of 1.64. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47.

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

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.34%. Freeport-McMoRan’s payout ratio is 22.73%.

Insider Buying and Selling at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 8,584 shares of the business’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.79% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

FCX has been the topic of several research reports. Bank of America reissued a “neutral” rating and set a $56.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. Stifel Nicolaus initiated coverage on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. They set a “buy” rating and a $56.00 price objective on the stock. UBS Group lowered shares of Freeport-McMoRan from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $45.00 to $50.00 in a research note on Friday, July 11th. Stifel Canada raised shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Tuesday, July 8th. Finally, Citigroup boosted their price objective on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. Eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

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.