Cypress Wealth Services LLC Makes New $309,000 Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Cypress Wealth Services LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 6,183 shares of the natural resource company’s stock, valued at approximately $309,000.

Several other institutional investors have also recently bought and sold shares of FCX. Fisher Asset Management LLC increased its position in Freeport-McMoRan by 1.8% during the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after acquiring an additional 976,592 shares during the period. Norden Group LLC increased its stake in Freeport-McMoRan by 1,823.1% during the first quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock valued at $11,750,000 after acquiring an additional 236,891 shares during the period. Truist Financial Corp raised its holdings in Freeport-McMoRan by 22.8% in the 2nd quarter. Truist Financial Corp now owns 135,608 shares of the natural resource company’s stock valued at $6,591,000 after acquiring an additional 25,214 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Freeport-McMoRan by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after acquiring an additional 1,210,833 shares during the period. Finally, SageView Advisory Group LLC acquired a new stake in shares of Freeport-McMoRan during the 1st quarter worth approximately $770,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

FCX stock opened at $49.54 on Friday. The company has a market capitalization of $71.18 billion, a P/E ratio of 37.53, a PEG ratio of 2.03 and a beta of 1.90. The company has a fifty day moving average price of $44.59 and a 200-day moving average price of $47.80. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.35 EPS. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.58 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a dividend of $0.075 per share. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.61%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 22.73%.

Analyst Ratings Changes

A number of research analysts recently commented on FCX shares. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Scotiabank lifted their price objective on Freeport-McMoRan from $52.00 to $53.00 and gave the company a “sector perform” rating in a report on Tuesday. Finally, UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $53.00.

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.