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

Maridea Wealth Management LLC purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the first quarter, Holdings Channel.com reports. The firm purchased 15,673 shares of the natural resource company’s stock, valued at approximately $921,000.

Other institutional investors have also recently made changes to their positions in the company. Pinnacle Wealth Management Advisory Group LLC increased its holdings in shares of Freeport-McMoRan by 10.6% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 12,895 shares of the natural resource company’s stock worth $758,000 after purchasing an additional 1,232 shares during the period. Welch Group LLC bought a new stake in Freeport-McMoRan during the first quarter valued at $215,000. Wesbanco Bank Inc. grew its position in Freeport-McMoRan by 0.3% during the first quarter. Wesbanco Bank Inc. now owns 178,542 shares of the natural resource company’s stock worth $10,495,000 after buying an additional 606 shares in the last quarter. Generali Powszechne Towarzystwo Emerytalne purchased a new position in Freeport-McMoRan during the first quarter worth about $52,444,000. Finally, Independent Wealth Network Inc. bought a new position in Freeport-McMoRan in the 1st quarter worth about $235,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $62.31 on Friday. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The stock has a market cap of $89.57 billion, a PE ratio of 33.14, a PEG ratio of 0.75 and a beta of 1.35. The company’s fifty day moving average is $64.61 and its 200 day moving average is $60.71. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.28.

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

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s payout ratio is 15.96%.

Analyst Upgrades and Downgrades

FCX has been the topic of several recent analyst reports. BNP Paribas Exane raised their price target on Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a report on Thursday, June 18th. Citigroup cut their price objective on Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating for the company in a report on Friday, May 1st. JPMorgan Chase & Co. decreased their price objective on shares of Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a research report on Monday, April 27th. Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. Finally, HSBC lifted their target price on shares of Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $68.27.

About Freeport-McMoRan

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.