Premier Path Wealth Partners LLC Increases Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Premier Path Wealth Partners LLC boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,386 shares of the natural resource company’s stock after acquiring an additional 282 shares during the quarter. Premier Path Wealth Partners LLC’s holdings in Freeport-McMoRan were worth $505,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of FCX. International Assets Investment Management LLC raised its position in Freeport-McMoRan by 16.5% during the fourth quarter. International Assets Investment Management LLC now owns 31,112 shares of the natural resource company’s stock valued at $1,324,000 after acquiring an additional 4,397 shares in the last quarter. Verdence Capital Advisors LLC purchased a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $209,000. CWM LLC increased its position in shares of Freeport-McMoRan by 6.3% in the fourth quarter. CWM LLC now owns 37,394 shares of the natural resource company’s stock valued at $1,592,000 after buying an additional 2,220 shares in the last quarter. RWA Wealth Partners LLC increased its position in shares of Freeport-McMoRan by 41.7% in the fourth quarter. RWA Wealth Partners LLC now owns 49,882 shares of the natural resource company’s stock valued at $2,123,000 after buying an additional 14,679 shares in the last quarter. Finally, 1900 Wealth Management LLC purchased a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $203,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of recent analyst reports. Raymond James cut their price objective on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Wednesday, July 24th. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $49.50 to $62.00 in a research report on Friday, June 21st. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. UBS Group boosted their price target on Freeport-McMoRan from $41.00 to $54.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 14th. Finally, BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price of $53.00.

Freeport-McMoRan Stock Up 3.1 %

Shares of FCX traded up $1.36 during mid-day trading on Friday, reaching $44.66. The company’s stock had a trading volume of 11,801,118 shares, compared to its average volume of 13,436,732. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24. The stock has a market cap of $64.15 billion, a PE ratio of 39.52, a price-to-earnings-growth ratio of 2.07 and a beta of 1.92. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The company’s 50 day moving average is $46.30 and its 200 day moving average is $46.45.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. During the same quarter in the prior year, the business posted $0.35 EPS. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.67 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were given a $0.15 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.34%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

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.