Accel Wealth Management Grows Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Accel Wealth Management boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 27.1% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 7,002 shares of the natural resource company’s stock after purchasing an additional 1,495 shares during the period. Accel Wealth Management’s holdings in Freeport-McMoRan were worth $298,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of FCX. CM Management LLC boosted its stake in Freeport-McMoRan by 80.0% during the third quarter. CM Management LLC now owns 36,000 shares of the natural resource company’s stock valued at $1,342,000 after buying an additional 16,000 shares during the period. Ion Asset Management Ltd. boosted its stake in Freeport-McMoRan by 72.7% during the second quarter. Ion Asset Management Ltd. now owns 504,000 shares of the natural resource company’s stock valued at $20,160,000 after buying an additional 212,100 shares during the period. PointState Capital LP boosted its stake in Freeport-McMoRan by 171.9% during the second quarter. PointState Capital LP now owns 1,439,447 shares of the natural resource company’s stock valued at $57,578,000 after buying an additional 910,004 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Freeport-McMoRan by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock valued at $279,977,000 after buying an additional 102,466 shares during the period. Finally, Alphinity Investment Management Pty Ltd boosted its stake in Freeport-McMoRan by 57.4% during the third quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock valued at $201,039,000 after buying an additional 1,965,987 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FCX has been the subject of several research analyst reports. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Morgan Stanley dropped their price target on Freeport-McMoRan from $41.00 to $40.00 and set an “equal weight” rating for the company in a research note on Thursday, December 7th. Raymond James lifted their price target on Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a research note on Thursday, January 4th. Eight Capital set a $55.00 price target on Freeport-McMoRan and gave the stock a “buy” rating in a research note on Wednesday, December 6th. Finally, Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $41.00 to $48.50 in a research note on Monday, January 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $44.95.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock traded up $1.10 during trading on Thursday, reaching $46.99. The company had a trading volume of 20,164,344 shares, compared to its average volume of 12,994,903. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $47.19. The firm’s 50-day simple moving average is $40.08 and its 200 day simple moving average is $38.62. The firm has a market capitalization of $67.40 billion, a price-to-earnings ratio of 37.09 and a beta of 2.02. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, January 24th. The natural resource company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04. The company had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $5.85 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. Freeport-McMoRan’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period last year, the firm earned $0.52 EPS. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.53 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.28%. Freeport-McMoRan’s dividend payout ratio is currently 23.62%.

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.