Lake Street Private Wealth LLC Has $2.27 Million Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Lake Street Private Wealth LLC reduced its position in Freeport-McMoRan Inc. (NYSE:FCX) by 0.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 59,469 shares of the natural resource company’s stock after selling 551 shares during the period. Lake Street Private Wealth LLC’s holdings in Freeport-McMoRan were worth $2,265,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of FCX. TrueWealth Advisors LLC bought a new position in shares of Freeport-McMoRan in the fourth quarter valued at $486,000. Brooklyn Investment Group raised its holdings in shares of Freeport-McMoRan by 7.0% in the 4th quarter. Brooklyn Investment Group now owns 6,041 shares of the natural resource company’s stock worth $230,000 after acquiring an additional 396 shares during the last quarter. Whitener Capital Management Inc. lifted its position in Freeport-McMoRan by 8.4% in the 4th quarter. Whitener Capital Management Inc. now owns 10,621 shares of the natural resource company’s stock valued at $404,000 after acquiring an additional 820 shares in the last quarter. Sax Wealth Advisors LLC boosted its stake in Freeport-McMoRan by 35.2% during the 4th quarter. Sax Wealth Advisors LLC now owns 7,652 shares of the natural resource company’s stock valued at $291,000 after purchasing an additional 1,991 shares during the last quarter. Finally, Merit Financial Group LLC increased its holdings in Freeport-McMoRan by 232.9% during the 4th quarter. Merit Financial Group LLC now owns 26,405 shares of the natural resource company’s stock worth $1,005,000 after purchasing an additional 18,472 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FCX. Raymond James lifted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. cut their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Finally, Jefferies Financial Group reduced their price objective on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $52.42.

Freeport-McMoRan Stock Up 0.6 %

Freeport-McMoRan stock opened at $40.27 on Friday. The firm has a 50 day moving average price of $41.25 and a 200-day moving average price of $44.34. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a twelve month low of $36.26 and a twelve month high of $55.24. The company has a market capitalization of $57.86 billion, a P/E ratio of 29.39, a P/E/G ratio of 2.13 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter in the prior year, the business earned $0.39 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 16.6% on a year-over-year basis. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.46 EPS for the current year.

Freeport-McMoRan Announces Dividend

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