Tyche Wealth Partners LLC Invests $325,000 in Freeport-McMoRan Inc. (NYSE:FCX)

Tyche Wealth Partners LLC acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 7,632 shares of the natural resource company’s stock, valued at approximately $325,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Freeport-McMoRan by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock worth $4,451,285,000 after buying an additional 305,912 shares in the last quarter. Geode Capital Management LLC raised 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 worth $1,033,858,000 after buying an additional 472,160 shares in the last quarter. Northern Trust Corp raised its stake in shares of Freeport-McMoRan by 4.2% in the 3rd quarter. Northern Trust Corp now owns 17,756,034 shares of the natural resource company’s stock worth $662,123,000 after buying an additional 709,114 shares in the last quarter. Morgan Stanley raised its position in shares of Freeport-McMoRan by 4.8% during the fourth quarter. Morgan Stanley now owns 16,533,638 shares of the natural resource company’s stock worth $628,278,000 after purchasing an additional 753,458 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Freeport-McMoRan by 102.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,698,016 shares of the natural resource company’s stock worth $355,838,000 after purchasing an additional 4,410,429 shares during the period. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on FCX shares. Scotiabank boosted their target price on Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, April 9th. JPMorgan Chase & Co. upped their price target on Freeport-McMoRan from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Wednesday. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their price target for the company from $41.00 to $48.50 in a research report on Monday, January 8th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a research report on Tuesday, April 9th. Finally, Raymond James upped their price target on Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research report on Thursday, January 4th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $47.54.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $49.81 on Thursday. The business’s 50-day moving average price is $43.08 and its two-hundred day moving average price is $39.75. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.42 and a quick ratio of 1.38. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $52.42. The company has a market capitalization of $71.45 billion, a P/E ratio of 39.22, a price-to-earnings-growth ratio of 2.23 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Wednesday, January 24th. The natural resource company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.04. The firm had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.85 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 earnings per share. Analysts anticipate that Freeport-McMoRan Inc. will post 1.6 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.20%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 23.62%.

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.