Wesbanco Bank Inc. Makes New $1.53 Million Investment in Freeport-McMoRan Inc. $FCX

Key Points

• Wesbanco Bank Inc. has invested approximately $1.53 million in Freeport-McMoRan, acquiring 35,291 shares of the natural resource company during the second quarter.
• Freeport-McMoRan reported $0.54 earnings per share for the last quarter, surpassing estimates, and had a revenue of $7.58 billion, an increase of 14.5% year-over-year.
• The company recently declared a $0.15 quarterly dividend, representing a 1.3% yield, and has an 80.77% institutional ownership stake in its stock.

Wesbanco Bank Inc. bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 35,291 shares of the natural resource company's stock, valued at approximately $1,530,000.

Several other large investors also recently modified their holdings of FCX. City Holding Co. bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at $33,000. Bernard Wealth Management Corp. purchased a new position in shares of Freeport-McMoRan in the 4th quarter worth about $35,000. Dagco Inc. purchased a new stake in Freeport-McMoRan in the first quarter worth approximately $37,000. CKW Financial Group purchased a new stake in shares of Freeport-McMoRan in the 1st quarter valued at $40,000. Finally, Greykasell Wealth Strategies Inc. bought a new position in shares of Freeport-McMoRan during the first quarter valued at about $42,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Trading Down 2.6%

FCX opened at $44.72 on Monday. 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 stock's fifty day moving average is $43.66 and its two-hundred day moving average is $40.15. The company has a market capitalization of $64.21 billion, a P/E ratio of 33.88, a PEG ratio of 0.85 and a beta of 1.59. 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 announced its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.09. The company had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. Freeport-McMoRan's revenue was up 14.5% compared to the same quarter last year. During the same period last year, the firm earned $0.46 earnings per share. Analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were given 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 of this dividend was Tuesday, July 15th. Freeport-McMoRan's payout ratio is presently 22.73%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on FCX shares. Stifel Nicolaus assumed coverage on Freeport-McMoRan in a research note on Wednesday, July 9th. They set a "buy" rating and a $56.00 target price on the stock. Morgan Stanley downgraded Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and upped their price target for the stock from $45.00 to $54.00 in a research note on Tuesday, July 15th. Citigroup lifted their target price on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Royal Bank Of Canada boosted their price objective on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. Finally, Bank of America reissued a "neutral" rating and issued a $56.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Freeport-McMoRan 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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