Axxcess Wealth Management LLC Acquires 56,910 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Axxcess Wealth Management increased its Freeport-McMoRan stake by 288.9% in the fourth quarter, buying 56,910 additional shares and bringing its total holdings to 76,611 shares worth about $3.89 million.
• Freeport-McMoRan beat earnings and revenue estimates in its latest quarterly report, posting EPS of $0.57 versus the $0.47 consensus and revenue of $6.23 billion versus expected $5.73 billion.
• The company also paid a quarterly dividend of $0.075 per share, while analysts currently rate FCX as a “Moderate Buy” with a consensus price target of $65.72.

Axxcess Wealth Management LLC boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 288.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 76,611 shares of the natural resource company's stock after purchasing an additional 56,910 shares during the period. Axxcess Wealth Management LLC's holdings in Freeport-McMoRan were worth $3,891,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Freeport-McMoRan by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company's stock valued at $6,619,611,000 after purchasing an additional 1,572,769 shares in the last quarter. Fisher Asset Management LLC grew its position in Freeport-McMoRan by 1.4% in the third quarter. Fisher Asset Management LLC now owns 63,258,414 shares of the natural resource company's stock valued at $2,480,995,000 after purchasing an additional 899,699 shares in the last quarter. State Street Corp grew its position in Freeport-McMoRan by 1.1% in the third quarter. State Street Corp now owns 62,477,910 shares of the natural resource company's stock valued at $2,450,384,000 after purchasing an additional 690,736 shares in the last quarter. Wellington Management Group LLP grew its position in Freeport-McMoRan by 190.9% in the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company's stock valued at $1,431,326,000 after purchasing an additional 23,950,557 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Freeport-McMoRan by 2.1% in the third quarter. Bank of New York Mellon Corp now owns 21,671,223 shares of the natural resource company's stock valued at $849,945,000 after purchasing an additional 435,963 shares in the last quarter. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $61.92 on Monday. The firm has a 50-day moving average of $61.41 and a 200-day moving average of $56.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The stock has a market cap of $89.01 billion, a PE ratio of 32.94, a P/E/G ratio of 0.75 and a beta of 1.32. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $70.96.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.47 by $0.10. The company had revenue of $6.23 billion during the quarter, compared to analysts' expectations of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. Freeport-McMoRan's quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.24 EPS. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were paid a $0.075 dividend. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan's payout ratio is 15.96%.

Analyst Ratings Changes

A number of research analysts recently weighed in on FCX shares. Citigroup decreased their target price on shares of Freeport-McMoRan from $67.00 to $66.00 and set a "buy" rating for the company in a research report on Friday, May 1st. JPMorgan Chase & Co. decreased their target price on shares of Freeport-McMoRan from $76.00 to $73.00 and set an "overweight" rating for the company in a research report on Monday, April 27th. Jefferies Financial Group set a $75.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, April 23rd. Freedom Capital raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Saturday, February 21st. Finally, Scotiabank decreased their price objective on shares of Freeport-McMoRan from $71.00 to $67.00 and set a "sector perform" rating for the company in a research report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $65.72.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.