Freeport-McMoRan Inc. $FCX is Walser Wealth Management Company A Ltd Liability Co's 8th Largest Position

Key Points

• Walser Wealth Management sharply increased its stake in Freeport-McMoRan by 282.7% in Q1, making FCX its 8th-largest holding and worth about $3.9 million.
• Freeport-McMoRan reported better-than-expected Q1 earnings of $0.57 per share on $6.23 billion in revenue, while revenue rose 8.8% year over year.
• The company announced a quarterly dividend of $0.075 per share to be paid August 3, and analysts currently rate the stock a Moderate Buy with an average target price of $68.36.

Walser Wealth Management Company A Ltd Liability Co lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 282.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 66,486 shares of the natural resource company's stock after acquiring an additional 49,114 shares during the period. Freeport-McMoRan accounts for about 1.8% of Walser Wealth Management Company A Ltd Liability Co's holdings, making the stock its 8th biggest position. Walser Wealth Management Company A Ltd Liability Co's holdings in Freeport-McMoRan were worth $3,908,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its position in Freeport-McMoRan by 1.2% during the 4th 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 during the last quarter. Fisher Asset Management LLC raised its holdings in shares of Freeport-McMoRan by 1.0% in the fourth quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company's stock valued at $3,244,504,000 after buying an additional 622,343 shares during the last quarter. State Street Corp raised its holdings in shares of Freeport-McMoRan by 0.6% in the fourth quarter. State Street Corp now owns 62,873,136 shares of the natural resource company's stock valued at $3,193,327,000 after buying an additional 395,226 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of 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 buying an additional 8,891,743 shares during the period. Finally, Wellington Management Group LLP boosted its stake in shares of 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 buying an additional 23,950,557 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

NYSE:FCX traded down $1.98 during mid-day trading on Tuesday, hitting $59.02. 3,101,217 shares of the company's stock traded hands, compared to its average volume of 17,700,795. 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 market cap of $84.85 billion, a PE ratio of 31.16, a price-to-earnings-growth ratio of 0.74 and a beta of 1.37. The firm's 50 day simple moving average is $63.81 and its 200 day simple moving average is $61.43. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.47 by $0.10. The business 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%. The company's revenue was up 8.8% on a year-over-year basis. During the same period last year, the company posted $0.24 EPS. Sell-side analysts expect that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan's payout ratio is presently 15.96%.

Analyst Ratings Changes

Several analysts have commented on FCX shares. Wells Fargo & Company reduced their price objective on Freeport-McMoRan from $77.00 to $68.00 and set an "overweight" rating for the company in a research note on Friday, April 24th. Jefferies Financial Group upped their price target on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a "buy" rating in a research note on Monday, June 8th. Raymond James Financial lowered their price objective on shares of Freeport-McMoRan from $72.00 to $68.00 and set an "outperform" rating on the stock in a research report on Friday, April 24th. CICC Research reduced their target price on shares of Freeport-McMoRan from $64.40 to $63.40 and set an "outperform" rating for the company in a research note on Tuesday, April 28th. Finally, Citigroup lowered their target price on shares of Freeport-McMoRan from $67.00 to $66.00 and set a "buy" rating on the stock in a report on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Freeport-McMoRan presently has an average rating of "Moderate Buy" and an average target price of $68.36.

About Freeport-McMoRan

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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