Accurate Wealth Management LLC Increases Position in Freeport-McMoRan Inc. (NYSE:FCX)

Accurate Wealth Management LLC lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 36.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 30,464 shares of the natural resource company’s stock after buying an additional 8,098 shares during the quarter. Accurate Wealth Management LLC’s holdings in Freeport-McMoRan were worth $1,188,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fisher Asset Management LLC increased its stake in Freeport-McMoRan by 2.4% in the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after purchasing an additional 1,392,494 shares during the period. Geode Capital Management LLC boosted its stake in shares of Freeport-McMoRan by 1.9% during the third quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock valued at $1,436,455,000 after purchasing an additional 529,099 shares during the period. Franklin Resources Inc. grew its holdings in shares of Freeport-McMoRan by 9.5% in the third quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock worth $1,348,522,000 after purchasing an additional 2,366,187 shares during the last quarter. Mountaineer Partners Management LLC increased its stake 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 during the period. Finally, Legal & General Group Plc lifted its holdings in Freeport-McMoRan by 0.5% during the 2nd quarter. Legal & General Group Plc now owns 10,343,109 shares of the natural resource company’s stock valued at $502,675,000 after buying an additional 56,499 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Up 0.2 %

Shares of Freeport-McMoRan stock opened at $39.47 on Wednesday. Freeport-McMoRan Inc. has a 52-week low of $36.26 and a 52-week high of $55.24. The firm’s 50 day moving average price is $41.83 and its 200-day moving average price is $44.53. 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 company has a market cap of $56.72 billion, a P/E ratio of 28.81, a PEG ratio of 2.90 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The business had revenue of $6.79 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the firm posted $0.39 earnings per share. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.49 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages have commented on FCX. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Morgan Stanley dropped their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. JPMorgan Chase & Co. lifted their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Raymond James upped their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Scotiabank cut their price target on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research note on Monday, January 6th. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.96.

Freeport-McMoRan 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.