Athena Wealth Management LLC Purchases 7,764 Shares of Freeport-McMoRan Inc. $FCX

Athena Wealth Management LLC raised its position in Freeport-McMoRan Inc. (NYSE:FCX) by 54.5% during the first quarter, HoldingsChannel.com reports. The firm owned 22,010 shares of the natural resource company’s stock after purchasing an additional 7,764 shares during the period. Freeport-McMoRan makes up 1.1% of Athena Wealth Management LLC’s portfolio, making the stock its 19th biggest position. Athena Wealth Management LLC’s holdings in Freeport-McMoRan were worth $1,294,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Freeport-McMoRan by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock worth $6,619,611,000 after acquiring an additional 1,572,769 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in Freeport-McMoRan by 1.0% during the 4th quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock valued at $3,244,504,000 after acquiring an additional 622,343 shares during the period. State Street Corp grew its position in Freeport-McMoRan by 0.6% in the 4th quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock valued at $3,193,327,000 after acquiring an additional 395,226 shares during the last quarter. Franklin Resources Inc. grew its position in Freeport-McMoRan by 31.2% in the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after acquiring an additional 8,891,743 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in Freeport-McMoRan by 190.9% in the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after purchasing an additional 23,950,557 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of FCX opened at $69.20 on Tuesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The company has a 50 day moving average price of $65.04 and a 200-day moving average price of $60.32. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.28. The stock has a market capitalization of $99.48 billion, a PE ratio of 36.81, a PEG ratio of 0.83 and a beta of 1.35.

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

Freeport-McMoRan Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on FCX shares. Scotiabank raised their price target on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research note on Monday, June 15th. Wall Street Zen raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. JPMorgan Chase & Co. dropped their target price on shares of Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a research note on Monday, April 27th. CICC Research reduced their target price on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research report on Tuesday, April 28th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $66.00 price target (down from $70.00) on shares of Freeport-McMoRan in a research note on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $67.81.

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.