Bernard Wealth Management Corp. Acquires New Shares in Freeport-McMoRan Inc. (NYSE:FCX)

Bernard Wealth Management Corp. bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 928 shares of the natural resource company’s stock, valued at approximately $35,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FCX. Sanctuary Advisors LLC lifted its holdings in shares of Freeport-McMoRan by 9.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock valued at $8,219,000 after purchasing an additional 14,501 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Freeport-McMoRan during the 3rd quarter worth approximately $754,000. Madison Investment Advisors LLC bought a new position in Freeport-McMoRan in the fourth quarter valued at approximately $3,388,000. Principal Financial Group Inc. boosted its holdings in shares of Freeport-McMoRan by 4.1% in the third quarter. Principal Financial Group Inc. now owns 1,684,393 shares of the natural resource company’s stock valued at $84,085,000 after buying an additional 66,699 shares during the period. Finally, Czech National Bank increased its position in shares of Freeport-McMoRan by 6.4% during the fourth quarter. Czech National Bank now owns 311,555 shares of the natural resource company’s stock worth $11,864,000 after acquiring an additional 18,852 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $29.09 on Wednesday. The firm has a market capitalization of $41.81 billion, a P/E ratio of 22.55, a price-to-earnings-growth ratio of 0.87 and a beta of 1.71. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The firm’s fifty day moving average price is $37.35 and its two-hundred day moving average price is $41.41. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th will be given a $0.15 dividend. The ex-dividend date is Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.06%. Freeport-McMoRan’s payout ratio is 23.26%.

Wall Street Analysts Forecast Growth

FCX has been the topic of several research reports. Raymond James boosted their price objective on shares of Freeport-McMoRan from $49.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, April 4th. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a report on Thursday, March 6th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Tuesday. Jefferies Financial Group upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their target price for the company from $40.00 to $48.00 in a research note on Thursday, February 27th. Finally, Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.25.

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.