Maridea Wealth Management LLC Invests $921,000 in Freeport-McMoRan Inc. $FCX

Maridea Wealth Management LLC purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 15,673 shares of the natural resource company’s stock, valued at approximately $921,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. KBC Group NV increased its holdings in Freeport-McMoRan by 49.0% during the fourth quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock worth $11,267,000 after buying an additional 73,002 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in Freeport-McMoRan in the fourth quarter valued at approximately $8,857,000. Wellington Management Group LLP grew its holdings in Freeport-McMoRan by 190.9% during the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after purchasing an additional 23,950,557 shares during the period. Dynamic Technology Lab Private Ltd grew its holdings in Freeport-McMoRan by 426.3% during the third quarter. Dynamic Technology Lab Private Ltd now owns 81,892 shares of the natural resource company’s stock valued at $3,212,000 after purchasing an additional 66,331 shares during the period. Finally, Powszechne Towarzystwo Emerytalne Allianz Polska S.A. increased its position in Freeport-McMoRan by 175.4% in the fourth quarter. Powszechne Towarzystwo Emerytalne Allianz Polska S.A. now owns 1,379,760 shares of the natural resource company’s stock worth $70,078,000 after buying an additional 878,760 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $62.31 on Friday. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.28. The business has a fifty day moving average price of $64.61 and a 200-day moving average price of $60.71. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The firm has a market capitalization of $89.57 billion, a P/E ratio of 33.14, a PEG ratio of 0.75 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. During the same period in the previous year, the business earned $0.24 earnings per share. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be given a dividend of $0.075 per share. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is currently 15.96%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. CICC Research lowered their target price on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. Raymond James Financial cut their price target on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research note on Friday, April 24th. HSBC boosted their price objective on Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. Jefferies Financial Group upped their price objective on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, June 8th. Finally, The Goldman Sachs Group increased their target price on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $68.27.

Freeport-McMoRan Company Profile

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.