Opal Capital LLC Buys Shares of 9,798 Freeport-McMoRan Inc. $FCX

Opal Capital LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 9,798 shares of the natural resource company’s stock, valued at approximately $576,000.

Other institutional investors also recently modified their holdings of the company. Strategic Investment Solutions Inc. IL acquired a new stake in Freeport-McMoRan in the fourth quarter valued at about $25,000. Steph & Co. lifted its holdings in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan in the 1st quarter valued at approximately $29,000. Kemnay Advisory Services Inc. bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at approximately $29,000. Finally, SHP Wealth Management bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at approximately $30,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 1.8%

Shares of NYSE FCX opened at $61.58 on Wednesday. The firm has a 50 day moving average price of $63.68 and a two-hundred day moving average price of $62.47. The stock has a market cap of $88.53 billion, a P/E ratio of 30.34, a price-to-earnings-growth ratio of 0.64 and a beta of 1.37. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.28. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The company had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. During the same quarter in the previous year, the business earned $0.54 earnings per share. Freeport-McMoRan’s revenue was down 7.3% compared to the same quarter last year. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 2.74 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be issued a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s payout ratio is presently 14.78%.

Wall Street Analyst Weigh In

FCX has been the subject of several research reports. UBS Group increased their price objective on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Morgan Stanley upped their price target on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 8th. Royal Bank Of Canada raised their price objective on Freeport-McMoRan from $70.00 to $73.00 and gave the company a “sector perform” rating in a report on Friday, July 24th. BMO Capital Markets restated an “outperform” rating and set a $78.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, July 23rd. Finally, Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $70.27.

Freeport-McMoRan Company 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.