Trueblood Wealth Management LLC Invests $289,000 in Freeport-McMoRan Inc. (NYSE:FCX)

Trueblood Wealth Management LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, HoldingsChannel.com reports. The firm bought 6,782 shares of the natural resource company’s stock, valued at approximately $289,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Freeport-McMoRan by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock valued at $4,451,285,000 after purchasing an additional 305,912 shares during the last quarter. State Street Corp grew its stake in shares of Freeport-McMoRan by 1.4% during the second quarter. State Street Corp now owns 63,242,717 shares of the natural resource company’s stock worth $2,529,709,000 after buying an additional 887,136 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Freeport-McMoRan by 1.9% in the 1st quarter. Geode Capital Management LLC now owns 25,338,465 shares of the natural resource company’s stock valued at $1,033,858,000 after acquiring an additional 472,160 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Freeport-McMoRan by 4.2% during the 3rd quarter. Northern Trust Corp now owns 17,756,034 shares of the natural resource company’s stock valued at $662,123,000 after acquiring an additional 709,114 shares in the last quarter. Finally, Morgan Stanley grew its position in Freeport-McMoRan by 4.8% during the 4th quarter. Morgan Stanley now owns 16,533,638 shares of the natural resource company’s stock worth $628,278,000 after acquiring an additional 753,458 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FCX. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 price target on shares of Freeport-McMoRan in a research note on Thursday, January 25th. UBS Group cut their price objective on Freeport-McMoRan from $42.00 to $41.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 13th. Raymond James lifted their price objective on Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a research report on Thursday, January 4th. Morgan Stanley decreased their target price on Freeport-McMoRan from $41.00 to $40.00 and set an “equal weight” rating for the company in a research note on Thursday, December 7th. Finally, Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $41.00 to $48.50 in a report on Monday, January 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $44.95.

Freeport-McMoRan Stock Up 2.5 %

Freeport-McMoRan stock traded up $1.14 during midday trading on Thursday, hitting $47.02. 19,755,396 shares of the stock were exchanged, compared to its average volume of 12,988,367. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $67.45 billion, a price-to-earnings ratio of 37.09 and a beta of 2.02. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $47.19. The business’s 50-day moving average price is $40.08 and its 200-day moving average price is $38.62.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.04. The company had revenue of $5.91 billion during the quarter, compared to analyst estimates of $5.85 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. Freeport-McMoRan’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 earnings per share. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.53 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.28%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 23.62%.

Freeport-McMoRan Company 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.