Marble Wealth LLC Takes Position in Freeport-McMoRan Inc. $FCX

Marble Wealth LLC bought a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 12,226 shares of the natural resource company’s stock, valued at approximately $621,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPL Wealth Management LLC bought a new position in shares of Freeport-McMoRan during the 3rd quarter valued at approximately $33,000. Kohmann Bosshard Financial Services LLC bought a new position in shares of Freeport-McMoRan during the 4th quarter valued at approximately $38,000. Key Financial Inc boosted its position in shares of Freeport-McMoRan by 32.3% during the 4th quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock valued at $42,000 after acquiring an additional 202 shares during the last quarter. Laurel Wealth Advisors LLC bought a new position in shares of Freeport-McMoRan during the 4th quarter valued at approximately $43,000. Finally, YANKCOM Partnership raised its holdings in Freeport-McMoRan by 83.3% during the 4th quarter. YANKCOM Partnership now owns 869 shares of the natural resource company’s stock valued at $44,000 after buying an additional 395 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

FCX stock opened at $70.69 on Thursday. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The business’s fifty day simple moving average is $63.08 and its two-hundred day simple moving average is $57.93. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.09. The firm has a market cap of $101.62 billion, a price-to-earnings ratio of 37.60, a PEG ratio of 0.86 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.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 firm posted $0.24 earnings per share. The business’s revenue was up 8.8% compared to the same quarter last year. Analysts predict that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is presently 15.96%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FCX. Argus upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Friday, February 13th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Wells Fargo & Company decreased their price target on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, April 24th. CICC Research decreased their price target on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a report on Tuesday, April 28th. Finally, Scotiabank decreased their price target on Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating on the stock in a report on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $66.04.

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.