HB Wealth Management LLC Increases Stake in Freeport-McMoRan Inc. $FCX

Key Points

• HB Wealth Management LLC increased its stake in Freeport-McMoRan Inc. by 47.3%, acquiring 14,184 additional shares for a total value of approximately $1.9 million.
• Freeport-McMoRan reported earnings of $0.54 per share, exceeding analysts' expectations, with revenue up 14.5% year-over-year to $7.58 billion.
• The company announced a quarterly dividend of $0.15 per share, reflecting an annualized dividend yield of 1.5%, set to be paid on November 3rd.

HB Wealth Management LLC raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 47.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 44,175 shares of the natural resource company's stock after buying an additional 14,184 shares during the period. HB Wealth Management LLC's holdings in Freeport-McMoRan were worth $1,915,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Kestra Private Wealth Services LLC increased its holdings in Freeport-McMoRan by 0.4% during the first quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company's stock valued at $2,348,000 after buying an additional 275 shares during the last quarter. Princeton Capital Management LLC increased its holdings in Freeport-McMoRan by 1.1% during the first quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company's stock valued at $984,000 after buying an additional 275 shares during the last quarter. Capital Investment Advisory Services LLC increased its holdings in Freeport-McMoRan by 3.2% during the first quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company's stock valued at $345,000 after buying an additional 278 shares during the last quarter. Capital Analysts LLC boosted its position in shares of Freeport-McMoRan by 12.5% in the first quarter. Capital Analysts LLC now owns 2,550 shares of the natural resource company's stock worth $96,000 after purchasing an additional 284 shares during the period. Finally, Sargent Investment Group LLC boosted its position in shares of Freeport-McMoRan by 2.8% in the first quarter. Sargent Investment Group LLC now owns 10,421 shares of the natural resource company's stock worth $395,000 after purchasing an additional 285 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $38.86 on Friday. 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 firm has a fifty day moving average price of $42.58 and a 200 day moving average price of $40.54. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $51.19. The firm has a market cap of $55.80 billion, a price-to-earnings ratio of 29.44, a P/E/G ratio of 0.71 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $6.85 billion. During the same quarter in the prior year, the business earned $0.46 earnings per share. Freeport-McMoRan's revenue for the quarter was up 14.5% on a year-over-year basis. As a group, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be given 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 currently 22.73%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Hsbc Global Res lowered shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 22nd. JPMorgan Chase & Co. dropped their price target on shares of Freeport-McMoRan from $56.00 to $46.00 and set an "overweight" rating for the company in a research report on Thursday, September 25th. Citigroup upped their price target on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. BNP Paribas Exane dropped their price target on shares of Freeport-McMoRan from $56.00 to $52.00 and set an "outperform" rating for the company in a research report on Thursday, September 25th. Finally, Clarkson Capital reiterated a "neutral" rating and issued a $42.00 price target on shares of Freeport-McMoRan in a research report on Thursday, September 25th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $46.47.

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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