Marble Wealth LLC Takes $621,000 Position in Freeport-McMoRan Inc. $FCX

Marble Wealth LLC purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 12,226 shares of the natural resource company’s stock, valued at approximately $621,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FCX. Brighton Jones LLC increased its position in shares of Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after purchasing an additional 2,882 shares during the last quarter. Bison Wealth LLC increased its position in shares of Freeport-McMoRan by 5.6% during the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after purchasing an additional 507 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at about $560,000. Brown Advisory Inc. increased its position in shares of Freeport-McMoRan by 27.0% during the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock valued at $539,000 after purchasing an additional 2,648 shares during the last quarter. Finally, Jump Financial LLC increased its position in shares of Freeport-McMoRan by 42.7% during the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock valued at $2,172,000 after purchasing an additional 14,992 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 1.4%

FCX stock opened at $70.69 on Thursday. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.09. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The company has a market capitalization of $101.62 billion, a price-to-earnings ratio of 37.60, a PEG ratio of 0.86 and a beta of 1.35. The business has a 50 day simple moving average of $63.08 and a two-hundred day simple moving average of $57.93.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the prior year, the company posted $0.24 EPS. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. Research analysts anticipate that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio is currently 15.96%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on FCX shares. Stifel Nicolaus upped their price target on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the company a “buy” rating in a research report on Wednesday, February 11th. UBS Group boosted their price objective on Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Sanford C. Bernstein cut their price objective on Freeport-McMoRan from $54.00 to $53.50 and set a “market perform” rating for the company in a research note on Friday, April 24th. Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, May 22nd. Finally, Barclays initiated coverage on Freeport-McMoRan in a research note on Thursday, May 21st. They set an “overweight” rating and a $77.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.04.

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.