Corient Private Wealth LLC Has $10.39 Million Stock Position in Freeport-McMoRan Inc. $FCX

Key Points

• Corient Private Wealth LLC boosted its Freeport-McMoRan stake by 18.9% in the fourth quarter, ending with 204,494 shares valued at about $10.39 million.
• Freeport-McMoRan reported strong quarterly results, with EPS of $0.57 beating estimates and revenue of $6.23 billion topping expectations; revenue also rose 8.8% year over year.
• Analysts remain broadly bullish on FCX, with several firms raising price targets and the consensus rating sitting at Moderate Buy with an average target of $68.27.

Corient Private Wealth LLC increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 18.9% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 204,494 shares of the natural resource company's stock after acquiring an additional 32,461 shares during the period. Corient Private Wealth LLC's holdings in Freeport-McMoRan were worth $10,388,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of FCX. Vanguard Group Inc. boosted its holdings in shares of Freeport-McMoRan by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company's stock valued at $6,619,611,000 after buying an additional 1,572,769 shares during the last quarter. Fisher Asset Management LLC increased its holdings in Freeport-McMoRan by 1.0% during the fourth quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company's stock worth $3,244,504,000 after buying an additional 622,343 shares during the last quarter. State Street Corp increased its holdings in Freeport-McMoRan by 0.6% during the fourth quarter. State Street Corp now owns 62,873,136 shares of the natural resource company's stock worth $3,193,327,000 after buying an additional 395,226 shares during the last quarter. Franklin Resources Inc. raised its position in Freeport-McMoRan by 31.2% during the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company's stock worth $1,897,202,000 after acquiring an additional 8,891,743 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in Freeport-McMoRan by 190.9% during the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company's stock worth $1,431,326,000 after acquiring an additional 23,950,557 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Down 4.0%

FCX stock opened at $61.80 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The stock has a market capitalization of $88.85 billion, a price-to-earnings ratio of 32.87, a PEG ratio of 0.78 and a beta of 1.35. The business's fifty day moving average price is $64.84 and its two-hundred day moving average price is $60.58. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.28.

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

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be issued a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan's dividend payout ratio (DPR) is currently 15.96%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. HSBC increased their price target on shares of Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. Barclays assumed coverage on shares of Freeport-McMoRan in a report on Thursday, May 21st. They issued an "overweight" rating and a $77.00 target price on the stock. BNP Paribas Exane raised their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the company an "outperform" rating in a research note on Thursday, June 18th. UBS Group raised their target price on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the company a "buy" rating in a research note on Thursday, May 21st. Finally, Morgan Stanley reiterated an "equal weight" rating and set a $66.00 price target (down from $70.00) on shares of Freeport-McMoRan in a report on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $68.27.

Freeport-McMoRan News Roundup

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: BMO Capital Markets raised its price target on Freeport-McMoRan to $78 from $68 and reiterated an outperform rating, signaling confidence in further upside for the copper producer. BMO Capital adjusts price target on Freeport-McMoRan to $78 from $68, maintains outperform rating
• Positive Sentiment: Freeport-McMoRan declared a quarterly cash dividend of $0.15 per share, split between a base and variable dividend, reinforcing its shareholder-return policy. Freeport Declares Quarterly Cash Dividends on Common Stock
• Neutral Sentiment: New commentary highlighted FCX as a “strong growth stock,” and other coverage pointed to favorable copper prices and ongoing growth projects, but these were more screening/overview pieces than direct catalysts. Here's Why Freeport-McMoRan (FCX) is a Strong Growth Stock
• Neutral Sentiment: Recent articles also noted that FCX underperformed its peers and the market in the prior session, which may be tempering enthusiasm despite the bullish long-term copper backdrop. Freeport-McMoRan Inc. stock underperforms Tuesday when compared to competitors
• Negative Sentiment: FCX was also reported to have suffered a sizable drop in the prior trading session, suggesting some near-term pressure may still be weighing on the stock. Freeport-McMoRan (FCX) Registers a Bigger Fall Than the Market: Important Facts to Note

Freeport-McMoRan 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.

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