Sound View Wealth Advisors Group LLC Has $1.61 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Key Points

• Sound View Wealth Advisors Group LLC increased its stake in Freeport-McMoRan by 21.6%, holding 42,539 shares valued at approximately $1.61 million at the end of the first quarter.
• Freeport-McMoRan recently announced a quarterly dividend of $0.15 per share with a yield of 1.5%, set to be paid on August 1st, 2023.
• Analysts have a consensus rating of “Moderate Buy” for Freeport-McMoRan, with target prices ranging from $50 to $56, indicating mixed but generally positive market sentiment.

Sound View Wealth Advisors Group LLC boosted its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 21.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,539 shares of the natural resource company's stock after purchasing an additional 7,564 shares during the period. Sound View Wealth Advisors Group LLC's holdings in Freeport-McMoRan were worth $1,611,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Coppell Advisory Solutions LLC increased its stake in shares of Freeport-McMoRan by 47.4% in the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock valued at $32,000 after buying an additional 268 shares during the period. Kestra Private Wealth Services LLC increased its stake in shares of Freeport-McMoRan by 0.4% in 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 period. Princeton Capital Management LLC increased its stake in shares of Freeport-McMoRan by 1.1% in 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 period. Capital Investment Advisory Services LLC increased its stake in shares of Freeport-McMoRan by 3.2% in 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 period. Finally, Sargent Investment Group LLC increased its stake 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 valued at $395,000 after buying an additional 285 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FCX. Bank of America restated a "neutral" rating and set a $56.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. Wall Street Zen upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Royal Bank Of Canada upped their target price on Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. Raymond James Financial restated an "outperform" rating and set a $52.00 target price on shares of Freeport-McMoRan in a research report on Friday, April 25th. Finally, UBS Group lowered Freeport-McMoRan from a "buy" rating to a "neutral" rating and upped their target price for the company from $45.00 to $50.00 in a research report on Friday, July 11th. Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $51.00.

Insider Activity at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the sale, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at $1,934,286.66. This represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.75% of the stock is currently owned by company insiders.

Freeport-McMoRan Stock Up 2.9%

Shares of NYSE:FCX opened at $40.27 on Friday. The business's 50 day simple moving average is $42.70 and its two-hundred day simple moving average is $39.05. The firm has a market cap of $57.87 billion, a P/E ratio of 30.51, a PEG ratio of 0.71 and a beta of 1.64. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued 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. The firm had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%. The company's quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.46 earnings per share. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 22.73%.

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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