Elevation Point Wealth Partners LLC Has $1.73 Million Stock Holdings in Freeport-McMoRan Inc. $FCX

Key Points

• Elevation Point Wealth Partners boosted its Freeport-McMoRan stake by 226.3% in the first quarter, ending with 29,436 shares valued at about $1.73 million.
• Freeport-McMoRan reported strong quarterly results, posting EPS of $0.57 versus the $0.47 estimate and revenue of $6.23 billion, both above expectations.
• Wall Street remains generally positive on FCX, with a consensus rating of “Moderate Buy” and an average price target of $68.36, while the stock recently traded around $60.88.

Elevation Point Wealth Partners LLC increased its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 226.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 29,436 shares of the natural resource company's stock after acquiring an additional 20,416 shares during the quarter. Elevation Point Wealth Partners LLC's holdings in Freeport-McMoRan were worth $1,730,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings 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 worth $6,619,611,000 after purchasing an additional 1,572,769 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Freeport-McMoRan by 1.0% during the 4th 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 in the last quarter. State Street Corp grew its position in shares of Freeport-McMoRan by 0.6% during the 4th 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 period. Franklin Resources Inc. increased its stake in shares of Freeport-McMoRan by 31.2% in the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company's stock valued at $1,897,202,000 after acquiring an additional 8,891,743 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Freeport-McMoRan by 190.9% in the 3rd 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 acquiring an additional 23,950,557 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FCX. HSBC upped their price objective on shares of Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. Barclays began coverage on Freeport-McMoRan in a research note on Thursday, May 21st. They issued an "overweight" rating and a $77.00 target price for the company. Morgan Stanley reaffirmed an "equal weight" rating and issued a $66.00 target price (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. Wells Fargo & Company dropped their price target on Freeport-McMoRan from $77.00 to $68.00 and set an "overweight" rating on the stock in a research note on Friday, April 24th. Finally, The Goldman Sachs Group increased their price target on Freeport-McMoRan from $68.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $68.36.

Freeport-McMoRan Trading Down 0.1%

Shares of FCX stock opened at $60.88 on Monday. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.28. 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 company has a 50-day simple moving average of $63.81 and a two-hundred day simple moving average of $61.34. The company has a market capitalization of $87.52 billion, a price-to-earnings ratio of 32.38, a PEG ratio of 0.74 and a beta of 1.37.

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

Freeport-McMoRan Dividend Announcement

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

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.

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