Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Baker Tilly Wealth Management LLC

Baker Tilly Wealth Management LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 14.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,220 shares of the natural resource company’s stock after purchasing an additional 2,081 shares during the quarter. Baker Tilly Wealth Management LLC’s holdings in Freeport-McMoRan were worth $618,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FCX. Matrix Trust Co acquired a new position in shares of Freeport-McMoRan during the third quarter valued at $25,000. Spectrum Wealth Counsel LLC bought a new position in Freeport-McMoRan in the 2nd quarter worth about $25,000. Hazlett Burt & Watson Inc. increased its stake in shares of Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after purchasing an additional 480 shares during the period. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Freeport-McMoRan during the second quarter worth approximately $27,000. Finally, Godsey & Gibb Inc. grew its holdings in Freeport-McMoRan by 150.4% in the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after buying an additional 346 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the subject of several recent analyst reports. Raymond James increased their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Morgan Stanley decreased their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Scotiabank decreased their price target on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a research note on Monday. Finally, 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. Seven investment 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 stock. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus target price of $52.96.

Freeport-McMoRan Stock Down 0.5 %

FCX stock traded down $0.20 during midday trading on Friday, reaching $39.54. The company had a trading volume of 3,148,197 shares, compared to its average volume of 11,900,475. The company has a 50 day moving average of $42.09 and a two-hundred day moving average of $44.74. The company has a market capitalization of $56.82 billion, a P/E ratio of 28.86, a PEG ratio of 2.90 and a beta of 1.87. Freeport-McMoRan Inc. has a 1 year low of $36.26 and a 1 year high of $55.24. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter last year, the firm earned $0.39 earnings per share. The business’s revenue for the quarter was up 16.6% on a year-over-year basis. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 1.49 earnings per share for the current fiscal year.

Freeport-McMoRan Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Wednesday, January 15th will be paid a $0.15 dividend. This is a boost from Freeport-McMoRan’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.52%. Freeport-McMoRan’s payout ratio is presently 21.90%.

Freeport-McMoRan Company Profile

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.