Prospera Financial Services Inc Acquires 7,279 Shares of Freeport-McMoRan Inc. $FCX

Prospera Financial Services Inc lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 9.4% in the 2nd quarter, Holdings Channel reports. The firm owned 84,487 shares of the natural resource company’s stock after buying an additional 7,279 shares during the quarter. Prospera Financial Services Inc’s holdings in Freeport-McMoRan were worth $3,663,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. RWA Wealth Partners LLC boosted its stake in shares of Freeport-McMoRan by 0.9% during the 2nd quarter. RWA Wealth Partners LLC now owns 45,053 shares of the natural resource company’s stock worth $1,953,000 after acquiring an additional 415 shares in the last quarter. True Wealth Design LLC lifted its holdings in Freeport-McMoRan by 132.4% in the 2nd quarter. True Wealth Design LLC now owns 1,506 shares of the natural resource company’s stock worth $65,000 after purchasing an additional 858 shares during the last quarter. AE Wealth Management LLC lifted its holdings in Freeport-McMoRan by 16.2% in the 2nd quarter. AE Wealth Management LLC now owns 22,773 shares of the natural resource company’s stock worth $987,000 after purchasing an additional 3,178 shares during the last quarter. Stokes Family Office LLC boosted its position in Freeport-McMoRan by 20.5% during the second quarter. Stokes Family Office LLC now owns 17,081 shares of the natural resource company’s stock worth $740,000 after purchasing an additional 2,907 shares during the period. Finally, Metis Global Partners LLC grew its holdings in Freeport-McMoRan by 10.2% during the second quarter. Metis Global Partners LLC now owns 163,854 shares of the natural resource company’s stock valued at $7,103,000 after purchasing an additional 15,129 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $39.78 on Monday. The firm’s 50-day moving average is $42.09 and its 200-day moving average is $41.67. The company has a market cap of $57.12 billion, a price-to-earnings ratio of 28.02, a PEG ratio of 0.94 and a beta of 1.64. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $49.12.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The business had revenue of $6.97 billion during the quarter, compared to analysts’ expectations of $6.74 billion. During the same quarter last year, the company earned $0.38 earnings per share. The firm’s revenue was up 2.7% on a year-over-year basis. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.13%.

Wall Street Analyst Weigh In

FCX has been the subject of a number of analyst reports. Johnson Rice reduced their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 in a research note on Monday, September 29th. Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Wednesday, October 8th. Sanford C. Bernstein cut their target price on shares of Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating for the company in a research report on Tuesday, October 14th. BMO Capital Markets decreased their price target on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a report on Wednesday, September 24th. Finally, Clarkson Capital reaffirmed a “neutral” rating and issued a $42.00 price target on shares of Freeport-McMoRan in a research report on Thursday, September 25th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.01.

Freeport-McMoRan Company 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.