Atria Wealth Solutions Inc. Boosts Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Atria Wealth Solutions Inc. lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 7.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,435 shares of the natural resource company’s stock after purchasing an additional 3,981 shares during the period. Atria Wealth Solutions Inc.’s holdings in Freeport-McMoRan were worth $2,573,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Avestar Capital LLC boosted its holdings in Freeport-McMoRan by 5.1% in the 3rd quarter. Avestar Capital LLC now owns 14,060 shares of the natural resource company’s stock worth $524,000 after buying an additional 685 shares during the period. Baxter Bros Inc. boosted its holdings in Freeport-McMoRan by 8.1% in the 3rd quarter. Baxter Bros Inc. now owns 54,306 shares of the natural resource company’s stock worth $2,025,000 after buying an additional 4,068 shares during the period. Busey Trust CO boosted its holdings in Freeport-McMoRan by 1.4% in the 3rd quarter. Busey Trust CO now owns 25,132 shares of the natural resource company’s stock worth $937,000 after buying an additional 344 shares during the period. Accurate Wealth Management LLC boosted its holdings in Freeport-McMoRan by 76.5% in the 3rd quarter. Accurate Wealth Management LLC now owns 10,879 shares of the natural resource company’s stock worth $397,000 after buying an additional 4,714 shares during the period. Finally, First Pacific Financial bought a new position in Freeport-McMoRan in the 3rd quarter worth $75,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Up 2.2 %

FCX opened at $50.50 on Monday. The firm has a market cap of $72.44 billion, a P/E ratio of 44.69, a P/E/G ratio of 8.18 and a beta of 2.04. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $52.42. The company has a current ratio of 2.35, a quick ratio of 1.38 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average of $44.70 and a 200 day moving average of $40.40.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. The business had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.52 earnings per share. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.67 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s payout ratio is currently 26.55%.

Analysts Set New Price Targets

Several brokerages recently weighed in on FCX. Raymond James upped their target price on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday, April 24th. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a research report on Tuesday, April 9th. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $41.00 to $48.50 in a research report on Monday, January 8th. Argus raised their price objective on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Bernstein Bank raised their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research report on Tuesday, April 23rd. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average target price of $50.07.

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.