WP Advisors LLC acquired a new position in Freeport-McMoRan Inc (NYSE:FCX) during the first quarter, according to its most recent filing with the SEC. The firm acquired 3,608 shares of the natural resource company’s stock, valued at approximately $46,000.
Other hedge funds have also modified their holdings of the company. Rational Advisors LLC purchased a new position in shares of Freeport-McMoRan in the 4th quarter valued at approximately $26,000. Lindbrook Capital LLC purchased a new position in shares of Freeport-McMoRan in the 4th quarter valued at approximately $28,000. JOYN Advisors Inc. lifted its stake in shares of Freeport-McMoRan by 141.1% in the 4th quarter. JOYN Advisors Inc. now owns 2,806 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 1,642 shares during the period. Athena Capital Advisors LLC purchased a new position in shares of Freeport-McMoRan in the 4th quarter valued at approximately $30,000. Finally, Truvestments Capital LLC purchased a new position in shares of Freeport-McMoRan in the 1st quarter valued at approximately $43,000. Hedge funds and other institutional investors own 70.76% of the company’s stock.
In other news, VP C Donald Whitmire, Jr. sold 7,425 shares of the business’s stock in a transaction on Tuesday, February 12th. The stock was sold at an average price of $11.58, for a total value of $85,981.50. Following the completion of the transaction, the vice president now owns 67,974 shares in the company, valued at $787,138.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.05% of the stock is owned by insiders.
FCX stock opened at $13.69 on Tuesday. Freeport-McMoRan Inc has a 1-year low of $9.60 and a 1-year high of $19.70. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.22 and a quick ratio of 1.79. The firm has a market capitalization of $19.84 billion, a PE ratio of 9.01 and a beta of 2.26.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, January 24th. The natural resource company reported $0.11 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.07). Freeport-McMoRan had a return on equity of 15.77% and a net margin of 12.12%. The business had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.86 billion. During the same quarter in the prior year, the firm earned $0.51 EPS. The firm’s revenue for the quarter was down 26.9% compared to the same quarter last year. As a group, research analysts anticipate that Freeport-McMoRan Inc will post 0.5 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.46%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is currently 13.16%.
FCX has been the subject of a number of research analyst reports. Raymond James restated a “market perform” rating and issued a $16.00 target price on shares of Freeport-McMoRan in a research note on Monday, December 24th. ValuEngine cut Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a research note on Wednesday, January 2nd. Zacks Investment Research cut Freeport-McMoRan from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 8th. Credit Suisse Group began coverage on Freeport-McMoRan in a research note on Wednesday, January 9th. They set a “neutral” rating and a $12.00 price objective for the company. Finally, Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lowered their price objective for the company from $16.00 to $14.00 in a research note on Tuesday, February 12th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $15.57.
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Freeport-McMoRan Company Profile
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino 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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