Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Wealth Management Partners LLC

Wealth Management Partners LLC boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,284 shares of the natural resource company’s stock after purchasing an additional 1,572 shares during the quarter. Wealth Management Partners LLC’s holdings in Freeport-McMoRan were worth $734,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in FCX. Mountaineer Partners Management LLC grew its holdings in Freeport-McMoRan by 4,767.8% in the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock worth $595,702,000 after buying an additional 11,687,982 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Freeport-McMoRan by 142.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company’s stock worth $162,964,000 after purchasing an additional 2,515,103 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Freeport-McMoRan by 9.5% during the third quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock valued at $1,348,522,000 after purchasing an additional 2,366,187 shares during the period. Los Angeles Capital Management LLC raised its stake in shares of Freeport-McMoRan by 423.5% during the third quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock valued at $139,183,000 after purchasing an additional 2,255,529 shares in the last quarter. Finally, Fisher Asset Management LLC raised its stake in shares of Freeport-McMoRan by 2.4% during the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock valued at $2,965,717,000 after purchasing an additional 1,392,494 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $40.27 on Monday. The stock has a market cap of $57.86 billion, a PE ratio of 29.39, a price-to-earnings-growth ratio of 2.13 and a beta of 1.87. Freeport-McMoRan Inc. has a 12 month low of $36.26 and a 12 month high of $55.24. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The business has a fifty day simple moving average of $41.25 and a 200-day simple moving average of $44.27.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The firm had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period last year, the company posted $0.39 EPS. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.46 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Wednesday, January 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.49%. The ex-dividend date of this dividend is Wednesday, January 15th. Freeport-McMoRan’s payout ratio is currently 21.90%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Scotiabank decreased their price objective on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a report on Monday, January 6th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. cut their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Finally, Jefferies Financial Group cut their target price on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Seven equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.42.

About Freeport-McMoRan

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.