Belpointe Asset Management LLC Acquires 6,690 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Belpointe Asset Management LLC raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 27.0% during the second quarter, HoldingsChannel reports. The firm owned 31,422 shares of the natural resource company’s stock after purchasing an additional 6,690 shares during the period. Belpointe Asset Management LLC’s holdings in Freeport-McMoRan were worth $1,527,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of FCX. International Assets Investment Management LLC lifted its stake in shares of Freeport-McMoRan by 16.5% during the 4th quarter. International Assets Investment Management LLC now owns 31,112 shares of the natural resource company’s stock worth $1,324,000 after purchasing an additional 4,397 shares during the last quarter. Sapient Capital LLC purchased a new stake in shares of Freeport-McMoRan during the fourth quarter valued at about $200,000. Wealthcare Advisory Partners LLC purchased a new stake in shares of Freeport-McMoRan during the fourth quarter valued at about $262,000. Apollon Wealth Management LLC boosted its holdings in shares of Freeport-McMoRan by 99.5% in the 4th quarter. Apollon Wealth Management LLC now owns 31,745 shares of the natural resource company’s stock valued at $1,351,000 after buying an additional 15,832 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in shares of Freeport-McMoRan in the 4th quarter worth approximately $218,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $41.61 on Thursday. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The firm has a market cap of $59.77 billion, a P/E ratio of 36.82, a P/E/G ratio of 2.08 and a beta of 1.92. The business’s 50 day moving average price is $45.47 and its 200 day moving average price is $46.82.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The firm had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.35 earnings per share. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.44%. Freeport-McMoRan’s payout ratio is currently 26.55%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Scotiabank decreased their price objective on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday, August 19th. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $49.50 to $62.00 in a research note on Friday, June 21st. Deutsche Bank Aktiengesellschaft increased their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday, June 10th. Finally, UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the stock from $54.00 to $55.00 in a report on Wednesday. Four analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.07.

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.