Wealth Alliance Acquires 2,042 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Wealth Alliance grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 17.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,933 shares of the natural resource company’s stock after acquiring an additional 2,042 shares during the quarter. Wealth Alliance’s holdings in Freeport-McMoRan were worth $593,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of FCX. FinTrust Capital Advisors LLC increased its position in Freeport-McMoRan by 5.1% during the fourth quarter. FinTrust Capital Advisors LLC now owns 5,252 shares of the natural resource company’s stock valued at $200,000 after acquiring an additional 253 shares during the last quarter. Fulton Bank N.A. increased its position in Freeport-McMoRan by 2.6% in the fourth quarter. Fulton Bank N.A. now owns 10,606 shares of the natural resource company’s stock worth $451,000 after buying an additional 267 shares in the last quarter. Drive Wealth Management LLC increased its position in Freeport-McMoRan by 2.8% in the fourth quarter. Drive Wealth Management LLC now owns 9,840 shares of the natural resource company’s stock worth $419,000 after buying an additional 267 shares in the last quarter. Sound Income Strategies LLC increased its position in Freeport-McMoRan by 38.8% in the fourth quarter. Sound Income Strategies LLC now owns 965 shares of the natural resource company’s stock worth $41,000 after buying an additional 270 shares in the last quarter. Finally, PFG Investments LLC increased its position in Freeport-McMoRan by 1.7% in the fourth quarter. PFG Investments LLC now owns 16,844 shares of the natural resource company’s stock worth $717,000 after buying an additional 285 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 0.8 %

Shares of NYSE FCX opened at $49.81 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. The business’s 50 day moving average price is $43.08 and its 200-day moving average price is $39.75. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $52.42. The company has a market cap of $71.45 billion, a price-to-earnings ratio of 39.22, a PEG ratio of 2.23 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.04. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The firm had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same period in the prior year, the business posted $0.52 earnings per share. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.6 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

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 issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.20%. Freeport-McMoRan’s payout ratio is 23.62%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a research report on Tuesday, April 9th. Scotiabank upped their price target on Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, April 9th. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price target on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $41.00 to $48.50 in a research report on Monday, January 8th. Finally, Raymond James upped their price objective on Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a research note on Thursday, January 4th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $47.54.

About Freeport-McMoRan

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.