4,766 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Purchased by 1900 Wealth Management LLC

1900 Wealth Management LLC purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 4,766 shares of the natural resource company’s stock, valued at approximately $203,000.

Several other institutional investors also recently modified their holdings of FCX. Bruce G. Allen Investments LLC purchased a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $27,000. BluePath Capital Management LLC purchased a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at about $28,000. Webster Bank N. A. boosted its holdings in shares of Freeport-McMoRan by 6,469.2% in the fourth quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock worth $36,000 after buying an additional 841 shares during the last quarter. CVA Family Office LLC purchased a new position in shares of Freeport-McMoRan in the fourth quarter worth approximately $38,000. Finally, Orion Capital Management LLC purchased a new position in shares of Freeport-McMoRan in the third quarter worth approximately $40,000. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on FCX shares. JPMorgan Chase & Co. raised their price objective on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Wednesday, April 17th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $41.00 to $48.50 in a report on Monday, January 8th. Raymond James raised their target price on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a research note on Thursday, January 4th. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a research note on Tuesday, April 9th. Finally, HSBC lifted their price objective on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research report on Tuesday. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.15.

Freeport-McMoRan Trading Down 1.9 %

Shares of FCX opened at $48.00 on Wednesday. The company’s fifty day moving average is $44.02 and its 200 day moving average is $40.14. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $52.42. The stock has a market capitalization of $68.85 billion, a PE ratio of 37.80, a P/E/G ratio of 2.25 and a beta of 2.04. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. The company had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. Freeport-McMoRan’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.52 earnings per share. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.57 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently announced 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. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is currently 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.