Axxcess Wealth Management LLC Has $3.89 Million Stake in Freeport-McMoRan Inc. $FCX

Axxcess Wealth Management LLC boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 288.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 76,611 shares of the natural resource company’s stock after purchasing an additional 56,910 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Freeport-McMoRan were worth $3,891,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Leo Wealth LLC raised its stake in Freeport-McMoRan by 2.5% in the 4th quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock worth $347,000 after purchasing an additional 170 shares in the last quarter. Physician Wealth Advisors Inc. raised its stake in 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 purchasing an additional 176 shares in the last quarter. Castle Rock Wealth Management LLC raised its stake in 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 purchasing an additional 180 shares in the last quarter. Private Trust Co. NA raised its stake in Freeport-McMoRan by 6.7% in the 4th quarter. Private Trust Co. NA now owns 3,119 shares of the natural resource company’s stock worth $158,000 after purchasing an additional 195 shares in the last quarter. Finally, Nations Financial Group Inc. IA ADV raised its stake in Freeport-McMoRan by 0.3% in the 4th quarter. Nations Financial Group Inc. IA ADV now owns 64,438 shares of the natural resource company’s stock worth $3,273,000 after purchasing an additional 207 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 0.1%

FCX opened at $61.92 on Monday. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $70.96. 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 $89.01 billion, a price-to-earnings ratio of 32.94, a PEG ratio of 0.75 and a beta of 1.32. The company’s 50 day moving average price is $61.41 and its two-hundred day moving average price is $56.46.

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

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s payout ratio is presently 15.96%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FCX. Bank of America lifted their price objective on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Freedom Capital upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Citigroup dropped their target price on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Barclays assumed coverage on shares of Freeport-McMoRan in a research report on Thursday. They issued an “overweight” rating and a $77.00 target price for the company. Finally, BNP Paribas Exane dropped their target price on shares of Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating for the company in a research report on Tuesday, April 28th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $65.72.

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.