Freeport-McMoRan Inc. $FCX Shares Purchased by Prestige Wealth Management Group LLC

Prestige Wealth Management Group LLC boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 5,893.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,797 shares of the natural resource company’s stock after acquiring an additional 20,450 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Freeport-McMoRan were worth $1,056,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Horizon Bancorp Inc. IN boosted its holdings in Freeport-McMoRan by 38.8% in the fourth quarter. Horizon Bancorp Inc. IN now owns 3,963 shares of the natural resource company’s stock valued at $201,000 after acquiring an additional 1,107 shares during the last quarter. Harvest Fund Management Co. Ltd boosted its holdings in Freeport-McMoRan by 22,520.4% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 12,215 shares of the natural resource company’s stock valued at $620,000 after acquiring an additional 12,161 shares during the last quarter. Clifford Swan Investment Counsel LLC acquired a new position in Freeport-McMoRan in the fourth quarter valued at $254,000. Deseret Mutual Benefit Administrators boosted its holdings in Freeport-McMoRan by 15.1% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,915 shares of the natural resource company’s stock valued at $97,000 after acquiring an additional 251 shares during the last quarter. Finally, Vise Technologies Inc. boosted its holdings in Freeport-McMoRan by 27.6% in the fourth quarter. Vise Technologies Inc. now owns 46,540 shares of the natural resource company’s stock valued at $2,364,000 after acquiring an additional 10,078 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

FCX has been the topic of a number of research analyst reports. CICC Research reduced their target price on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a report on Tuesday, April 28th. BNP Paribas Exane reduced their target price on Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating on the stock in a report on Tuesday, April 28th. Wells Fargo & Company reduced their target price on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, April 24th. The Goldman Sachs Group lifted their target price on Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Argus upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Friday, February 13th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price of $66.04.

Freeport-McMoRan Trading Down 1.2%

Shares of FCX opened at $69.81 on Friday. The stock’s 50-day moving average is $63.35 and its two-hundred day moving average is $58.14. The stock has a market cap of $100.35 billion, a PE ratio of 37.13, a P/E/G ratio of 0.85 and a beta of 1.35. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.09. 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 (NYSE:FCX) last issued its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. The company had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.24 earnings per share. Equities analysts forecast that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed 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. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Wednesday, April 15th. Freeport-McMoRan’s payout ratio is currently 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.