Independent Financial Group LLC Acquires New Stake in Freeport-McMoRan Inc. $FCX

Independent Financial Group LLC bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 1st quarter, according to its most recent disclosure with the SEC. The fund bought 55,400 shares of the natural resource company’s stock, valued at approximately $3,256,000.

A number of other institutional investors have also recently made changes to their positions in FCX. Strategic Investment Solutions Inc. IL bought a new position in shares of Freeport-McMoRan during the fourth quarter worth about $25,000. Steph & Co. lifted its stake in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 150 shares during the period. Kemnay Advisory Services Inc. bought a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $29,000. SHP Wealth Management acquired a new stake in Freeport-McMoRan during the 4th quarter valued at approximately $30,000. Finally, JPL Wealth Management LLC acquired a new stake in Freeport-McMoRan during the 3rd quarter valued at approximately $33,000. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

FCX has been the topic of a number of recent analyst reports. HSBC boosted their price target on shares of Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. BNP Paribas Exane lifted their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a research note on Thursday, June 18th. Sanford C. Bernstein boosted their target price on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a report on Wednesday, June 10th. Scotiabank upped their price target on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research report on Monday, June 15th. Finally, Citigroup reiterated a “positive” rating on shares of Freeport-McMoRan in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $68.77.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $58.44 on Friday. The stock has a market capitalization of $84.02 billion, a price-to-earnings ratio of 31.09, a PEG ratio of 0.59 and a beta of 1.37. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.28. The stock’s 50 day moving average price is $63.87 and its two-hundred day moving average price is $61.94. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data 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. The company had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. Freeport-McMoRan’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 EPS. On average, equities analysts predict that Freeport-McMoRan Inc. will post 2.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 15.96%.

Freeport-McMoRan 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.