Greenwood Capital Associates LLC Acquires 20,187 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Greenwood Capital Associates boosted its Freeport-McMoRan stake by 38.8% in the first quarter, buying 20,187 additional shares and lifting its total holdings to 72,248 shares worth about $4.25 million.
• Wall Street remains generally bullish on Freeport-McMoRan, with analysts issuing multiple buy/outperform ratings and lifting price targets; MarketBeat reports an average rating of “Moderate Buy” and a $68.50 average target.
• The company posted solid recent results, beating quarterly earnings and revenue estimates with EPS of $0.57 on revenue of $6.23 billion, while also declaring a quarterly dividend of $0.075 per share.

Greenwood Capital Associates LLC increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 38.8% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 72,248 shares of the natural resource company's stock after purchasing an additional 20,187 shares during the quarter. Greenwood Capital Associates LLC's holdings in Freeport-McMoRan were worth $4,247,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of FCX. Steph & Co. increased its position in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company's stock worth $29,000 after acquiring an additional 150 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth $25,000. Kemnay Advisory Services Inc. bought a new stake in Freeport-McMoRan in the 4th quarter valued at $29,000. Financial Life Planners bought a new stake in Freeport-McMoRan in the 1st quarter valued at $34,000. Finally, SHP Wealth Management acquired a new position in Freeport-McMoRan in the 4th quarter worth $30,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Citigroup lowered their target price on Freeport-McMoRan from $67.00 to $66.00 and set a "buy" rating for the company in a report on Friday, May 1st. BMO Capital Markets upped their price objective on Freeport-McMoRan from $68.00 to $78.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 23rd. UBS Group increased their price objective on Freeport-McMoRan from $75.00 to $77.00 and gave the stock a "buy" rating in a report on Tuesday, June 30th. BNP Paribas Exane lifted their target price on Freeport-McMoRan from $71.00 to $82.00 and gave the company an "outperform" rating in a research report on Thursday, June 18th. Finally, Jefferies Financial Group lifted their target price on Freeport-McMoRan from $75.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, June 8th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $68.50.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $57.45 on Thursday. The firm has a market cap of $82.58 billion, a PE ratio of 30.56, a price-to-earnings-growth ratio of 0.61 and a beta of 1.37. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The stock's fifty day moving average price is $63.71 and its two-hundred day moving average price is $61.58. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates of $0.47 by $0.10. The firm had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company's revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.24 EPS. As a group, research analysts expect that Freeport-McMoRan Inc. will post 2.59 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.