Wealthfront Advisers LLC Grows Stock Position in Freeport-McMoRan Inc. $FCX

Key Points

• Wealthfront Advisers LLC increased its Freeport-McMoRan stake by 31.6% in the first quarter, adding 46,809 shares and bringing its total holdings to 194,880 shares worth about $11.46 million.
• Freeport-McMoRan reported strong quarterly results, with EPS of $0.57 and revenue of $6.23 billion, both above analyst estimates. Revenue also rose 8.8% year over year.
• Wall Street sentiment remains generally positive, with the stock carrying a Moderate Buy consensus rating and a consensus price target of $68.77, though some analysts recently adjusted ratings and targets.

Wealthfront Advisers LLC boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 31.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 194,880 shares of the natural resource company's stock after acquiring an additional 46,809 shares during the period. Wealthfront Advisers LLC's holdings in Freeport-McMoRan were worth $11,455,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $25,000. Steph & Co. increased its stake in shares of Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company's stock worth $29,000 after purchasing an additional 150 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $29,000. SHP Wealth Management acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $30,000. Finally, JPL Wealth Management LLC acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth approximately $33,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 0.2%

Shares of Freeport-McMoRan stock opened at $58.44 on Friday. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.28. The business's fifty day moving average is $63.87 and its two-hundred day moving average is $61.94. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The firm has a market cap of $84.02 billion, a PE ratio of 31.09, a P/E/G ratio of 0.59 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.47 by $0.10. The business 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 business's revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.24 earnings per share. Analysts anticipate that Freeport-McMoRan Inc. will post 2.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan's payout ratio is presently 15.96%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FCX. Weiss Ratings cut Freeport-McMoRan from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, July 7th. Barclays lifted their price objective on Freeport-McMoRan from $77.00 to $80.00 and gave the stock an "overweight" rating in a research report on Wednesday. Morgan Stanley boosted their target price on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 8th. Bank of America upped their target price on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the company a "buy" rating in a report on Thursday, July 9th. Finally, CICC Research decreased their price target on shares of Freeport-McMoRan from $64.40 to $63.40 and set an "outperform" rating on the stock in a research note on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Freeport-McMoRan has a consensus rating of "Moderate Buy" and a consensus target price of $68.77.

About Freeport-McMoRan

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.

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