Elevation Point Wealth Partners LLC Raises Stake in Freeport-McMoRan Inc. $FCX

Elevation Point Wealth Partners LLC boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 226.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 29,436 shares of the natural resource company’s stock after buying an additional 20,416 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in Freeport-McMoRan were worth $1,730,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Pinnacle Bancorp Inc. raised its position in Freeport-McMoRan by 7.9% in the first quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock worth $118,000 after acquiring an additional 147 shares during the period. Steph & Co. grew its position in shares of Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 150 shares during the period. Essex Bank increased its stake in shares of Freeport-McMoRan by 1.2% during the 1st quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock worth $829,000 after purchasing an additional 163 shares during the last quarter. Leo Wealth LLC increased its stake in shares of Freeport-McMoRan by 2.5% during 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 during the last quarter. Finally, Klein Pavlis & Peasley Financial Inc. raised its holdings in shares of Freeport-McMoRan by 0.9% in the 1st quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company’s stock worth $1,098,000 after purchasing an additional 175 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $60.88 on Monday. The firm’s 50 day moving average is $63.81 and its 200 day moving average is $61.34. 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 Inc. has a 12 month low of $35.15 and a 12 month high of $72.28. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28.

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 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 business had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same period in the previous year, the business earned $0.24 EPS. Freeport-McMoRan’s revenue was up 8.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders 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 dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 15.96%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. The Goldman Sachs Group upped their price objective on Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. BMO Capital Markets boosted their target price on Freeport-McMoRan from $68.00 to $78.00 and gave the company an “outperform” rating in a research note on Tuesday, June 23rd. JPMorgan Chase & Co. lowered their target price on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a research note on Monday, April 27th. Raymond James Financial dropped their price target on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research report on Friday, April 24th. Finally, Scotiabank increased their price target on Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research note on Monday, June 15th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $68.36.

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.