Larry Mathis Financial Planning LLC Makes New Investment in Freeport-McMoRan Inc. $FCX

Larry Mathis Financial Planning LLC acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,677 shares of the natural resource company’s stock, valued at approximately $390,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Leo Wealth LLC lifted its position in Freeport-McMoRan by 2.5% in the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock worth $347,000 after buying an additional 170 shares during the last quarter. Physician Wealth Advisors Inc. lifted its holdings in shares of Freeport-McMoRan by 23.5% in the 4th quarter. Physician Wealth Advisors Inc. now owns 924 shares of the natural resource company’s stock worth $47,000 after acquiring an additional 176 shares during the last quarter. Castle Rock Wealth Management LLC lifted its holdings in shares of Freeport-McMoRan by 3.3% in the 4th quarter. Castle Rock Wealth Management LLC now owns 5,687 shares of the natural resource company’s stock worth $289,000 after acquiring an additional 180 shares during the last quarter. GW&K Investment Management LLC boosted its stake in shares of Freeport-McMoRan by 11.1% during the 4th quarter. GW&K Investment Management LLC now owns 1,840 shares of the natural resource company’s stock worth $93,000 after purchasing an additional 184 shares during the period. Finally, Private Trust Co. NA grew its holdings in Freeport-McMoRan by 6.7% during the 4th quarter. Private Trust Co. NA now owns 3,119 shares of the natural resource company’s stock valued at $158,000 after purchasing an additional 195 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on FCX. Jefferies Financial Group raised their price objective on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, June 8th. Morgan Stanley reaffirmed an “equal weight” rating and set a $66.00 target price (down from $70.00) on shares of Freeport-McMoRan in a research note on Friday, April 24th. Raymond James Financial reduced their price target on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a report on Friday, April 24th. Citigroup decreased their price target on Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, May 1st. Finally, Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $67.81.

Freeport-McMoRan Trading Up 0.2%

Shares of FCX opened at $68.80 on Friday. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28. The company has a 50-day moving average of $64.98 and a 200 day moving average of $60.01. The firm has a market capitalization of $98.90 billion, a price-to-earnings ratio of 36.60, a PEG ratio of 0.84 and a beta of 1.35. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. The company had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.24 EPS. On average, research analysts expect that Freeport-McMoRan Inc. will post 2.51 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were issued a $0.075 dividend. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. Freeport-McMoRan’s payout ratio is presently 15.96%.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.