Peloton Wealth Strategists Acquires 44,800 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Peloton Wealth Strategists boosted its holdings in Freeport-McMoRan by 149%, acquiring an additional 44,800 shares to reach a total of 74,875 shares valued at approximately $2.83 million.
• Other institutional investors have also significantly increased their stakes in Freeport-McMoRan, with 80.77% of the stock now owned by institutional shareholders.
• Freeport-McMoRan's recent quarterly earnings beat expectations, reporting an EPS of $0.54, exceeding the consensus estimate of $0.45, and revenue of $7.58 billion, compared to an expected $6.85 billion.

Peloton Wealth Strategists increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 149.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 74,875 shares of the natural resource company's stock after purchasing an additional 44,800 shares during the period. Peloton Wealth Strategists' holdings in Freeport-McMoRan were worth $2,835,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Stratos Investment Management LLC boosted its stake in shares of Freeport-McMoRan by 238.5% during the first quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company's stock valued at $2,443,000 after purchasing an additional 45,458 shares in the last quarter. Community Bank N.A. boosted its stake in shares of Freeport-McMoRan by 18.5% during the first quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company's stock valued at $1,498,000 after purchasing an additional 6,188 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Freeport-McMoRan by 2.2% during the first quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company's stock valued at $15,957,000 after purchasing an additional 8,989 shares in the last quarter. Financial Sense Advisors Inc. boosted its stake in shares of Freeport-McMoRan by 527.9% during the first quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company's stock valued at $2,882,000 after purchasing an additional 64,003 shares in the last quarter. Finally, Anderson Hoagland & Co. boosted its stake in shares of Freeport-McMoRan by 27.6% during the first quarter. Anderson Hoagland & Co. now owns 109,565 shares of the natural resource company's stock valued at $4,148,000 after purchasing an additional 23,695 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

Shares of FCX opened at $46.68 on Tuesday. The company has a market cap of $67.02 billion, a price-to-earnings ratio of 35.36, a price-to-earnings-growth ratio of 0.88 and a beta of 1.59. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $52.61. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The company has a 50 day moving average of $43.71 and a two-hundred day moving average of $39.94.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. 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 for the quarter was up 14.5% compared to the same quarter last year. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on FCX shares. BMO Capital Markets dropped their price objective on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating on the stock in a research note on Thursday, July 24th. Scotiabank increased their price objective on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a research note on Wednesday, July 9th. UBS Group downgraded shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and raised their target price for the company from $45.00 to $50.00 in a research note on Friday, July 11th. Stifel Nicolaus started coverage on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a "buy" rating and a $56.00 target price for the company. 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 analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and a consensus 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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