Praxis Capital Management LLC Purchases New Stake in Freeport-McMoRan Inc. $FCX

Praxis Capital Management LLC purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 12,045 shares of the natural resource company’s stock, valued at approximately $612,000. Freeport-McMoRan accounts for 2.2% of Praxis Capital Management LLC’s holdings, making the stock its 17th biggest position.

Several other institutional investors also recently added to or reduced their stakes in the stock. Leo Wealth LLC grew its position in Freeport-McMoRan by 2.5% during the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock valued at $347,000 after buying an additional 170 shares during the period. Physician Wealth Advisors Inc. grew its position in Freeport-McMoRan by 23.5% during the fourth quarter. Physician Wealth Advisors Inc. now owns 924 shares of the natural resource company’s stock valued at $47,000 after buying an additional 176 shares during the period. Castle Rock Wealth Management LLC grew its position in Freeport-McMoRan by 3.3% during the fourth quarter. Castle Rock Wealth Management LLC now owns 5,687 shares of the natural resource company’s stock valued at $289,000 after buying an additional 180 shares during the period. Private Trust Co. NA lifted its holdings in Freeport-McMoRan by 6.7% during the fourth quarter. Private Trust Co. NA now owns 3,119 shares of the natural resource company’s stock valued at $158,000 after purchasing an additional 195 shares during the last quarter. Finally, Nations Financial Group Inc. IA ADV boosted its position in Freeport-McMoRan by 0.3% during the fourth quarter. Nations Financial Group Inc. IA ADV now owns 64,438 shares of the natural resource company’s stock worth $3,273,000 after purchasing an additional 207 shares during the period. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on FCX. Freedom Capital upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Saturday, February 21st. HSBC increased their target price on shares of Freeport-McMoRan from $69.00 to $72.00 and gave the stock a “buy” rating in a research report on Tuesday, April 14th. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. Stifel Nicolaus increased their target price on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. Finally, Weiss Ratings upgraded shares of Freeport-McMoRan from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $65.72.

Freeport-McMoRan Trading Down 0.6%

Shares of FCX opened at $61.92 on Friday. The firm’s 50 day simple moving average is $61.41 and its 200 day simple moving average is $56.35. The company has a market capitalization of $89.01 billion, a P/E ratio of 32.94, a P/E/G ratio of 0.75 and a beta of 1.32. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year 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 for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. The business had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. Freeport-McMoRan’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period last year, the firm posted $0.24 earnings per share. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were paid a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is 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.