GK Wealth Management LLC Buys New Holdings in Freeport-McMoRan Inc. $FCX

Key Points

• GK Wealth Management LLC acquired 6,200 shares of Freeport-McMoRan Inc. valued at approximately $235,000, as disclosed in its recent 13F filing.
• Freeport-McMoRan reported a quarterly earnings per share of $0.54, exceeding analyst estimates by $0.09, with revenue of $7.58 billion up 14.5% year-over-year.
• The company recently declared a quarterly dividend of $0.15 per share, translating to an annualized yield of 1.3% and a payout ratio of 22.73%.

GK Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 6,200 shares of the natural resource company's stock, valued at approximately $235,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Nuveen LLC acquired a new position in shares of Freeport-McMoRan in the first quarter valued at about $366,959,000. Amundi lifted its position in shares of Freeport-McMoRan by 28.1% in the first quarter. Amundi now owns 27,635,497 shares of the natural resource company's stock valued at $1,046,280,000 after acquiring an additional 6,054,537 shares in the last quarter. Crake Asset Management LLP lifted its position in Freeport-McMoRan by 2,140.8% during the first quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company's stock worth $224,496,000 after buying an additional 5,665,000 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Freeport-McMoRan by 17.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company's stock worth $1,421,549,000 after buying an additional 5,661,958 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Freeport-McMoRan by 13.7% during the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company's stock worth $830,726,000 after acquiring an additional 2,642,810 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Up 2.3%

Shares of FCX opened at $44.89 on Thursday. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61. The stock has a market cap of $64.45 billion, a PE ratio of 34.00, a P/E/G ratio of 0.83 and a beta of 1.59. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The stock's 50-day moving average is $43.69 and its two-hundred day moving average is $40.00.

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

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Tuesday, July 15th. Freeport-McMoRan's payout ratio is currently 22.73%.

Analysts Set New Price Targets

FCX has been the subject of several recent analyst reports. Royal Bank Of Canada raised their target price on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Bank of America reaffirmed a "neutral" rating and issued a $56.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. Scotiabank lifted their price objective on Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a research note on Wednesday, July 9th. Stifel Nicolaus began coverage on Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a "buy" rating and a $56.00 price objective for the company. Finally, BMO Capital Markets lowered their target price on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a research note on Thursday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, Freeport-McMoRan presently has an average rating of "Moderate Buy" and an average target price of $51.00.

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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