Williams Jones Wealth Management LLC. Has $3.31 Million Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Williams Jones Wealth Management LLC. lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCXGet Rating) by 15.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 66,517 shares of the natural resource company’s stock after buying an additional 8,902 shares during the quarter. Williams Jones Wealth Management LLC.’s holdings in Freeport-McMoRan were worth $3,309,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of FCX. SVB Wealth LLC acquired a new position in Freeport-McMoRan during the first quarter valued at approximately $234,000. Proficio Capital Partners LLC acquired a new position in Freeport-McMoRan during the first quarter valued at approximately $339,000. Centaurus Financial Inc. acquired a new position in Freeport-McMoRan during the first quarter valued at approximately $463,000. Renaissance Technologies LLC acquired a new position in Freeport-McMoRan during the first quarter valued at approximately $1,607,000. Finally, Industrial Alliance Investment Management Inc. grew its holdings in Freeport-McMoRan by 1.7% during the first quarter. Industrial Alliance Investment Management Inc. now owns 144,490 shares of the natural resource company’s stock valued at $7,187,000 after purchasing an additional 2,460 shares during the period. Institutional investors and hedge funds own 77.38% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX opened at $32.17 on Monday. The company has a quick ratio of 1.94, a current ratio of 2.73 and a debt-to-equity ratio of 0.42. Freeport-McMoRan Inc. has a 12-month low of $24.80 and a 12-month high of $51.99. The business has a 50 day moving average of $29.38 and a 200-day moving average of $37.75. The stock has a market cap of $45.98 billion, a price-to-earnings ratio of 9.78, a PEG ratio of 0.39 and a beta of 2.00.

Freeport-McMoRan (NYSE:FCXGet Rating) last posted its quarterly earnings results on Thursday, July 21st. The natural resource company reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.31). Freeport-McMoRan had a net margin of 20.08% and a return on equity of 22.04%. The business had revenue of $5.42 billion during the quarter, compared to the consensus estimate of $6.20 billion. During the same quarter last year, the company posted $0.77 EPS. The firm’s revenue was down 5.8% on a year-over-year basis. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 2.84 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 1st. Shareholders of record on Friday, July 15th were issued a $0.15 dividend. The ex-dividend date of this dividend was Thursday, July 14th. This represents a $0.60 annualized dividend and a dividend yield of 1.87%. Freeport-McMoRan’s dividend payout ratio is currently 9.12%.

Insider Buying and Selling at Freeport-McMoRan

In related news, Director Ryan Michael Lance acquired 31,000 shares of the firm’s stock in a transaction on Monday, August 29th. The shares were purchased at an average cost of $31.88 per share, for a total transaction of $988,280.00. Following the completion of the acquisition, the director now directly owns 32,132 shares in the company, valued at $1,024,368.16. The purchase was disclosed in a filing with the SEC, which is available at this link. In related news, Director Sara Grootwassink Lewis acquired 3,000 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The shares were purchased at an average cost of $28.79 per share, for a total transaction of $86,370.00. Following the completion of the acquisition, the director now directly owns 13,800 shares in the company, valued at $397,302. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Ryan Michael Lance acquired 31,000 shares of the firm’s stock in a transaction on Monday, August 29th. The stock was bought at an average price of $31.88 per share, for a total transaction of $988,280.00. Following the completion of the acquisition, the director now owns 32,132 shares of the company’s stock, valued at $1,024,368.16. The disclosure for this purchase can be found here. Corporate insiders own 0.72% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Morgan Stanley reiterated an “equal weight” rating on shares of Freeport-McMoRan in a report on Thursday, June 23rd. Citigroup lifted their target price on Freeport-McMoRan from $28.00 to $29.00 in a research report on Friday, July 22nd. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Freeport-McMoRan from $37.00 to $35.00 in a research note on Friday, July 22nd. Credit Suisse Group lowered their price objective on shares of Freeport-McMoRan to $34.00 in a report on Friday, July 22nd. Finally, Exane BNP Paribas upgraded shares of Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $34.00 target price for the company in a report on Wednesday, July 13th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $42.00.

About Freeport-McMoRan

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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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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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