44 Wealth Management LLC Makes New Investment in Freeport-McMoRan Inc. $FCX

44 Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 9,064 shares of the natural resource company’s stock, valued at approximately $533,000.

Several other large investors also recently modified their holdings of FCX. Vanguard Group Inc. boosted its stake in Freeport-McMoRan by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock worth $6,619,611,000 after purchasing an additional 1,572,769 shares in the last quarter. Fisher Asset Management LLC grew its stake in shares of Freeport-McMoRan by 1.0% during the fourth quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock valued at $3,244,504,000 after purchasing an additional 622,343 shares during the last quarter. State Street Corp grew its stake in shares of Freeport-McMoRan by 0.6% during the fourth quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock valued at $3,193,327,000 after purchasing an additional 395,226 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after purchasing an additional 8,891,743 shares in the last quarter. Finally, Morgan Stanley increased its holdings in shares of Freeport-McMoRan by 10.1% in the fourth quarter. Morgan Stanley now owns 34,262,241 shares of the natural resource company’s stock valued at $1,740,179,000 after purchasing an additional 3,130,046 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan News Summary

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported Q2 adjusted EPS of $0.74 and revenue of $7.03 billion, both ahead of Wall Street estimates, helped by higher realized copper and gold prices. Article Title
• Positive Sentiment: Management said the Grasberg ramp remains on schedule, U.S. operations are improving, and the brownfield copper pipeline is expanding, which supports longer-term production growth. Article Title
• Positive Sentiment: Royal Bank of Canada raised its price target on FCX to $73 from $70, signaling continued analyst confidence in the stock’s upside. Article Title
• Positive Sentiment: Several recent writeups highlighted strong income growth, free cash flow, and the benefit of firmer copper prices, reinforcing the investment case for FCX. Article Title

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. Jefferies Financial Group lifted their target price on Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Scotiabank boosted their target price on Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research report on Monday, June 15th. Citigroup reaffirmed a “positive” rating on shares of Freeport-McMoRan in a research note on Wednesday, July 15th. Finally, Stifel Nicolaus raised their price target on Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average target price of $70.18.

Freeport-McMoRan Trading Down 1.5%

Shares of NYSE FCX opened at $62.54 on Friday. The company’s fifty day moving average is $63.58 and its 200-day moving average is $62.33. The company has a quick ratio of 1.13, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The stock has a market cap of $89.90 billion, a price-to-earnings ratio of 30.81, a P/E/G ratio of 0.62 and a beta of 1.37. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.28.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Wednesday, July 22nd. The natural resource company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The company had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. During the same quarter last year, the firm posted $0.54 earnings per share. Freeport-McMoRan’s revenue was down 7.3% compared to the same quarter last year. Equities research analysts predict that Freeport-McMoRan Inc. will post 2.75 EPS for the current year.

Freeport-McMoRan Announces Dividend

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 dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is presently 14.78%.

Freeport-McMoRan Profile

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.