Myriad Asset Management Advisors LLC Makes New Investment in Freeport-McMoRan Inc. $FCX

Myriad Asset Management Advisors LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 127,547 shares of the natural resource company’s stock, valued at approximately $6,478,000. Freeport-McMoRan comprises about 2.0% of Myriad Asset Management Advisors LLC’s portfolio, making the stock its 13th biggest position.

Other large investors also recently added to or reduced their stakes in the company. JPL Wealth Management LLC bought a new stake in Freeport-McMoRan during the third quarter worth approximately $33,000. Kohmann Bosshard Financial Services LLC purchased a new position in shares of Freeport-McMoRan during the fourth quarter valued at approximately $38,000. Modus Advisors LLC purchased a new position in shares of Freeport-McMoRan during the fourth quarter valued at approximately $40,000. Key Financial Inc boosted its position in shares of Freeport-McMoRan by 32.3% during the fourth quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock valued at $42,000 after buying an additional 202 shares during the period. Finally, Laurel Wealth Advisors LLC purchased a new position in shares of Freeport-McMoRan during the fourth quarter valued at approximately $43,000. 80.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FCX. Jefferies Financial Group boosted their target price on Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Monday. The Goldman Sachs Group boosted their target price on Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Barclays began coverage on Freeport-McMoRan in a research report on Thursday, May 21st. They set an “overweight” rating and a $77.00 target price for the company. Scotiabank dropped their target price on Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating for the company in a research report on Friday, April 24th. Finally, UBS Group boosted their target price on Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $66.72.

Freeport-McMoRan Stock Down 3.2%

Shares of NYSE FCX opened at $62.18 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The firm has a market capitalization of $89.39 billion, a price-to-earnings ratio of 33.08, a PEG ratio of 0.77 and a beta of 1.35. The stock has a 50 day moving average price of $63.95 and a 200 day moving average price of $58.80. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.09.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. The firm had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.Freeport-McMoRan’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.24 earnings per share. Sell-side analysts expect that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s payout ratio is 15.96%.

About Freeport-McMoRan

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.