Moran Wealth Management LLC Acquires 12,089 Shares of Freeport-McMoRan Inc. $FCX

Moran Wealth Management LLC grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 25.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,683 shares of the natural resource company’s stock after buying an additional 12,089 shares during the quarter. Moran Wealth Management LLC’s holdings in Freeport-McMoRan were worth $3,449,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in FCX. PFG Investments LLC increased its holdings in Freeport-McMoRan by 8.9% in the 1st quarter. PFG Investments LLC now owns 20,342 shares of the natural resource company’s stock worth $1,196,000 after acquiring an additional 1,669 shares in the last quarter. BIP Wealth LLC bought a new position in shares of Freeport-McMoRan in the first quarter worth approximately $201,000. World Investment Advisors increased its stake in shares of Freeport-McMoRan by 8.6% in the first quarter. World Investment Advisors now owns 31,147 shares of the natural resource company’s stock worth $1,831,000 after purchasing an additional 2,468 shares in the last quarter. Turtle Creek Wealth Advisors LLC raised its position in shares of Freeport-McMoRan by 30.6% during the 1st quarter. Turtle Creek Wealth Advisors LLC now owns 8,256 shares of the natural resource company’s stock valued at $485,000 after purchasing an additional 1,932 shares during the period. Finally, Sierra Summit Advisors LLC purchased a new position in shares of Freeport-McMoRan during the 1st quarter valued at $9,557,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 0.1%

Shares of NYSE FCX opened at $60.88 on Monday. The business’s 50 day moving average is $63.81 and its two-hundred day moving average is $61.34. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28. The stock has a market capitalization of $87.52 billion, a P/E ratio of 32.38, a PEG ratio of 0.74 and a beta of 1.37.

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

Freeport-McMoRan Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. The Goldman Sachs Group raised their price target on Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Barclays assumed coverage on Freeport-McMoRan in a research note on Thursday, May 21st. They set an “overweight” rating and a $77.00 target price on the stock. Sanford C. Bernstein boosted their price target on Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a report on Wednesday, June 10th. Scotiabank increased their price objective on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a report on Monday, June 15th. Finally, Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $68.36.

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.