Alteri Wealth LLC Buys New Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Alteri Wealth LLC acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 6,766 shares of the natural resource company's stock, valued at approximately $258,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FCX. Asset Planning Inc purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth about $25,000. Mizuho Bank Ltd. purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth about $26,000. Vision Financial Markets LLC acquired a new stake in Freeport-McMoRan during the 4th quarter worth approximately $27,000. Laurel Wealth Advisors LLC raised its stake in shares of Freeport-McMoRan by 487.8% during the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company's stock worth $28,000 after purchasing an additional 600 shares during the last quarter. Finally, Roxbury Financial LLC purchased a new position in Freeport-McMoRan in the 4th quarter valued at $28,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on FCX shares. Hsbc Global Res upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. UBS Group cut their target price on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price target on the stock in a research note on Thursday, March 6th. Jefferies Financial Group reiterated a "buy" rating and issued a $50.00 price objective (up previously from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Finally, Dbs Bank upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $48.09.

Freeport-McMoRan Stock Up 3.4 %

FCX stock opened at $37.63 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $55.24. The firm has a market capitalization of $54.08 billion, a PE ratio of 29.17, a P/E/G ratio of 0.87 and a beta of 1.71. The company's 50 day simple moving average is $36.19 and its 200-day simple moving average is $39.54.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The company had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same quarter last year, the business posted $0.32 earnings per share. Freeport-McMoRan's revenue was down 9.4% compared to the same quarter last year. Equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were issued a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.59%. Freeport-McMoRan's dividend payout ratio (DPR) is 24.79%.

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.

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