Keudell Morrison Wealth Management Buys New Holdings in Freeport-McMoRan Inc. $FCX

Keudell Morrison Wealth Management purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 10,902 shares of the natural resource company’s stock, valued at approximately $554,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Kohmann Bosshard Financial Services LLC acquired a new stake in Freeport-McMoRan during the 4th quarter worth about $38,000. JPL Wealth Management LLC acquired a new position in shares of Freeport-McMoRan in the 3rd quarter valued at about $33,000. Laurel Wealth Advisors LLC purchased a new stake in shares of Freeport-McMoRan in the fourth quarter worth about $43,000. YANKCOM Partnership boosted its stake in shares of Freeport-McMoRan by 83.3% in the fourth quarter. YANKCOM Partnership now owns 869 shares of the natural resource company’s stock worth $44,000 after buying an additional 395 shares during the last quarter. Finally, Elyxium Wealth LLC acquired a new stake in Freeport-McMoRan during the fourth quarter worth about $45,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of analyst reports. HSBC boosted their price target on Freeport-McMoRan from $69.00 to $72.00 and gave the company a “buy” rating in a report on Tuesday, April 14th. Bank of America increased their price target on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Wells Fargo & Company dropped their price target on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, April 24th. Raymond James Financial decreased their price objective on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research report on Friday, April 24th. Finally, Citigroup lowered their target price on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a research note on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $65.72.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $61.92 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The company has a fifty day moving average of $61.41 and a two-hundred day moving average of $56.35. The stock has a market capitalization of $89.01 billion, a PE ratio of 32.94, a P/E/G ratio of 0.75 and a beta of 1.32. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $70.96.

Freeport-McMoRan (NYSE:FCX) last announced its 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 for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter last year, the business earned $0.24 earnings per share. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date was Wednesday, April 15th. Freeport-McMoRan’s payout ratio is presently 15.96%.

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.