Wealth Enhancement Advisory Services LLC Acquires 22,206 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Wealth Enhancement Advisory Services LLC grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 14.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 180,623 shares of the natural resource company’s stock after buying an additional 22,206 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Freeport-McMoRan were worth $6,878,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of FCX. Wellington Management Group LLP boosted its holdings in shares of Freeport-McMoRan by 237.4% during the 4th quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company’s stock worth $351,041,000 after buying an additional 6,486,011 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Freeport-McMoRan by 21.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company’s stock worth $1,214,203,000 after buying an additional 5,735,171 shares in the last quarter. Amundi boosted its holdings in shares of Freeport-McMoRan by 30.2% during the 4th quarter. Amundi now owns 21,580,960 shares of the natural resource company’s stock worth $857,305,000 after buying an additional 5,001,531 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Freeport-McMoRan by 38.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company’s stock worth $619,682,000 after buying an additional 4,488,210 shares in the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of Freeport-McMoRan by 8.0% during the 4th quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company’s stock worth $1,123,445,000 after buying an additional 2,191,926 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on FCX shares. Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. JPMorgan Chase & Co. cut their target price on Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a report on Thursday, March 6th. Scotiabank increased their target price on Freeport-McMoRan from $40.00 to $43.00 and gave the stock a “sector perform” rating in a report on Wednesday, May 14th. Finally, Wolfe Research upgraded Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 target price on the stock in a report on Wednesday, April 16th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $48.36.

Freeport-McMoRan Trading Down 1.5%

NYSE FCX opened at $38.46 on Monday. The firm has a market capitalization of $55.27 billion, a P/E ratio of 29.81, a PEG ratio of 0.87 and a beta of 1.65. The business has a fifty day simple moving average of $36.27 and a 200 day simple moving average of $38.38. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $53.15. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. The business had revenue of $5.73 billion during the quarter, compared to analyst estimates of $5.36 billion. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. Freeport-McMoRan’s quarterly revenue was down 9.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.32 EPS. On average, analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 15th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan’s payout ratio is currently 24.79%.

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.