SteelPeak Wealth LLC Makes New $224,000 Investment in Freeport-McMoRan Inc. $FCX

SteelPeak Wealth LLC purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 5,169 shares of the natural resource company’s stock, valued at approximately $224,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of FCX. Stratos Investment Management LLC lifted its holdings in shares of Freeport-McMoRan by 238.5% during the 1st quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company’s stock worth $2,443,000 after acquiring an additional 45,458 shares during the period. Community Bank N.A. increased its position in shares of Freeport-McMoRan by 18.5% during the 1st quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company’s stock worth $1,498,000 after purchasing an additional 6,188 shares in the last quarter. Bourgeon Capital Management LLC increased its position in shares of Freeport-McMoRan by 8.1% during the 2nd quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock worth $14,373,000 after purchasing an additional 24,803 shares in the last quarter. Arizona State Retirement System increased its position in shares of Freeport-McMoRan by 2.2% during the 1st quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company’s stock worth $15,957,000 after purchasing an additional 8,989 shares in the last quarter. Finally, Financial Sense Advisors Inc. increased its position in shares of Freeport-McMoRan by 527.9% during the 1st quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company’s stock worth $2,882,000 after purchasing an additional 64,003 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FCX has been the subject of several research reports. Hsbc Global Res cut shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 22nd. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, October 2nd. BMO Capital Markets lowered their price objective on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a research report on Wednesday, September 24th. Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and set a $48.50 price objective for the company in a research report on Thursday, September 25th. Finally, Stifel Canada upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Tuesday, July 8th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $46.56.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $43.31 on Friday. The company’s fifty day simple moving average is $42.49 and its 200-day simple moving average is $40.57. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The firm has a market cap of $62.18 billion, a PE ratio of 32.81, a P/E/G ratio of 0.96 and a beta of 1.58. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $50.28.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. The business had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.46 earnings per share. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s payout ratio is presently 22.73%.

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.