11,523 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Acquired by Lake Hills Wealth Management LLC

Lake Hills Wealth Management LLC purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 1st quarter, Holdings Channel reports. The institutional investor purchased 11,523 shares of the natural resource company’s stock, valued at approximately $436,000. Freeport-McMoRan comprises about 0.3% of Lake Hills Wealth Management LLC’s portfolio, making the stock its 28th biggest position.

Several other institutional investors and hedge funds have also modified their holdings of FCX. Asset Planning Inc purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth $25,000. Mizuho Bank Ltd. purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth $26,000. Vision Financial Markets LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at $27,000. Roxbury Financial LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at $28,000. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at $29,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the transaction, the chief accounting officer now directly owns 48,333 shares of the company’s stock, valued at $1,934,286.66. This trade represents a 15.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.75% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX opened at $41.50 on Friday. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61. The stock has a market capitalization of $59.64 billion, a P/E ratio of 32.17, a PEG ratio of 0.87 and a beta of 1.64. The firm has a fifty day simple moving average of $36.45 and a two-hundred day simple moving average of $38.36. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The business had revenue of $5.73 billion during the quarter, compared to analysts’ expectations of $5.36 billion. During the same period last year, the company posted $0.32 EPS. The business’s revenue was down 9.4% on a year-over-year basis. On average, analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were paid a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.45%. Freeport-McMoRan’s payout ratio is currently 24.79%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Scotiabank raised their price objective on shares of Freeport-McMoRan from $40.00 to $43.00 and gave the company a “sector perform” rating in a research report on Wednesday, May 14th. Hsbc Global Res upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 14th. Dbs Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Raymond James restated an “outperform” rating and set a $52.00 price objective on shares of Freeport-McMoRan in a research report on Friday, April 25th. Finally, UBS Group decreased their price objective on shares of Freeport-McMoRan from $52.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $47.82.

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.