Golden State Wealth Management LLC Buys 1,653 Shares of Freeport-McMoRan Inc. $FCX

Golden State Wealth Management LLC increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 109.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,160 shares of the natural resource company’s stock after acquiring an additional 1,653 shares during the quarter. Golden State Wealth Management LLC’s holdings in Freeport-McMoRan were worth $137,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Callan Family Office LLC raised its position in shares of Freeport-McMoRan by 229.9% in the 2nd quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock worth $1,170,000 after acquiring an additional 18,803 shares in the last quarter. New York Life Investment Management LLC grew its stake in Freeport-McMoRan by 11.8% during the second quarter. New York Life Investment Management LLC now owns 215,058 shares of the natural resource company’s stock worth $9,323,000 after purchasing an additional 22,766 shares during the period. Bourgeon Capital Management LLC increased its holdings in Freeport-McMoRan by 8.1% in the second quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock worth $14,373,000 after purchasing an additional 24,803 shares in the last quarter. Arizona State Retirement System increased its holdings in Freeport-McMoRan by 2.2% in the first quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company’s stock worth $15,957,000 after purchasing an additional 8,989 shares in the last quarter. Finally, Mercuria Capital Strategies LLC acquired a new position in Freeport-McMoRan in the second quarter valued at approximately $9,970,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Up 2.9%

FCX stock opened at $39.78 on Friday. The firm has a market capitalization of $57.12 billion, a PE ratio of 28.02, a P/E/G ratio of 0.94 and a beta of 1.64. The company has a quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $49.12. The stock’s 50 day moving average is $42.09 and its 200-day moving average is $41.57.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The business had revenue of $6.97 billion during the quarter, compared to analyst estimates of $6.74 billion. During the same period in the prior year, the firm posted $0.38 EPS. Freeport-McMoRan’s quarterly revenue was up 2.7% compared to the same quarter last year. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.13%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of Freeport-McMoRan from $46.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, October 9th. BNP Paribas Exane cut their price target on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating on the stock in a report on Thursday, September 25th. Deutsche Bank Aktiengesellschaft reduced their price objective on Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, October 2nd. Hsbc Global Res raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 16th. Finally, Morgan Stanley cut their target price on Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating on the stock in a report on Wednesday, October 8th. Four analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $47.01.

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.