Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Wealthspire Advisors LLC

Wealthspire Advisors LLC increased its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 79.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,308 shares of the natural resource company's stock after buying an additional 8,992 shares during the period. Wealthspire Advisors LLC's holdings in Freeport-McMoRan were worth $769,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Coppell Advisory Solutions LLC increased its position in shares of Freeport-McMoRan by 47.4% in the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock worth $32,000 after purchasing an additional 268 shares during the last quarter. City Holding Co. acquired a new position in Freeport-McMoRan in the first quarter worth about $33,000. Bernard Wealth Management Corp. bought a new stake in Freeport-McMoRan in the fourth quarter valued at about $35,000. Wolff Wiese Magana LLC increased its holdings in Freeport-McMoRan by 38.2% in the first quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company's stock valued at $44,000 after buying an additional 319 shares during the last quarter. Finally, Bogart Wealth LLC raised its stake in Freeport-McMoRan by 53.3% during the first quarter. Bogart Wealth LLC now owns 1,174 shares of the natural resource company's stock valued at $44,000 after buying an additional 408 shares in the last quarter. Institutional investors own 80.77% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FCX. Stifel Nicolaus started coverage on Freeport-McMoRan in a research report on Wednesday, July 9th. They issued a "buy" rating and a $56.00 target price for the company. Hsbc Global Res downgraded shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. Bank of America reissued a "neutral" rating and set a $56.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 9th. JPMorgan Chase & Co. raised their price target on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Finally, Royal Bank Of Canada boosted their price objective on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. Eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $51.00.

Freeport-McMoRan Price Performance

NYSE FCX opened at $40.77 on Friday. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The stock has a market cap of $58.59 billion, a price-to-earnings ratio of 30.89, a price-to-earnings-growth ratio of 0.74 and a beta of 1.63. The company has a 50-day moving average price of $42.81 and a two-hundred day moving average price of $39.05.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%. The business had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. During the same period in the previous year, the firm posted $0.46 earnings per share. The business's revenue was up 14.5% on a year-over-year basis. Analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. Freeport-McMoRan's payout ratio is 22.73%.

Insider Activity

In other news, CAO Ellie L. Mikes sold 8,584 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total transaction of $343,531.68. Following the transaction, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.75% of the company's stock.

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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