GC Wealth Management RIA LLC Purchases Shares of 6,824 Freeport-McMoRan Inc. $FCX

Key Points

• GC Wealth Management RIA LLC purchased 6,824 shares of Freeport-McMoRan Inc., valued at approximately $296,000, in the second quarter.
• Freeport-McMoRan reported quarterly earnings of $0.54 EPS, surpassing analysts' expectations of $0.45, and its revenue increased by 14.5% year-over-year to $7.58 billion.
• The company declared a quarterly dividend of $0.15 per share to be paid on November 3rd, representing an annualized dividend of $0.60 and a yield of 1.5%.

GC Wealth Management RIA LLC acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,824 shares of the natural resource company's stock, valued at approximately $296,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of FCX. City Holding Co. bought a new position in shares of Freeport-McMoRan during the first quarter valued at about $33,000. Dagco Inc. bought a new position in shares of Freeport-McMoRan during the first quarter valued at about $37,000. Beacon Capital Management LLC raised its stake in Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company's stock worth $38,000 after buying an additional 327 shares in the last quarter. CKW Financial Group bought a new position in Freeport-McMoRan in the first quarter worth about $40,000. Finally, Greykasell Wealth Strategies Inc. bought a new position in Freeport-McMoRan in the first quarter worth about $42,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $39.11 on Thursday. The company has a 50 day simple moving average of $42.69 and a two-hundred day simple moving average of $40.54. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $51.45. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. The company has a market capitalization of $56.15 billion, a price-to-earnings ratio of 29.63, a P/E/G ratio of 0.72 and a beta of 1.59.

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

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be issued a dividend of $0.15 per share. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. Freeport-McMoRan's dividend payout ratio is presently 22.73%.

Analyst Upgrades and Downgrades

FCX has been the subject of a number of research reports. HSBC decreased their price target on shares of Freeport-McMoRan from $46.00 to $43.00 and set a "hold" rating for the company in a research note on Thursday, September 25th. Scotiabank reissued a "sector perform" rating and issued a $45.00 price target (down from $55.00) on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Johnson Rice decreased their price target on shares of Freeport-McMoRan from $55.00 to $48.00 in a research note on Monday. CICC Research decreased their price target on shares of Freeport-McMoRan from $51.60 to $42.30 and set an "outperform" rating for the company in a research note on Friday, September 26th. Finally, Citigroup raised their target price on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $46.49.

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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