Opal Capital LLC Invests $576,000 in Freeport-McMoRan Inc. $FCX

Opal Capital LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the 1st quarter, HoldingsChannel reports. The firm bought 9,798 shares of the natural resource company’s stock, valued at approximately $576,000.

A number of other institutional investors have also bought and sold shares of the company. Pinnacle Bancorp Inc. grew its holdings in Freeport-McMoRan by 7.9% during the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock worth $118,000 after acquiring an additional 147 shares during the period. Steph & Co. lifted its stake in shares of Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares during the period. Essex Bank boosted its position in shares of Freeport-McMoRan by 1.2% during the 1st quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock valued at $829,000 after purchasing an additional 163 shares in the last quarter. Leo Wealth LLC grew its stake 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 worth $347,000 after purchasing an additional 170 shares during the period. Finally, Klein Pavlis & Peasley Financial Inc. increased its holdings in Freeport-McMoRan by 0.9% in the first quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company’s stock worth $1,098,000 after purchasing an additional 175 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on FCX shares. UBS Group boosted their target price on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Sanford C. Bernstein raised their price target on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a report on Wednesday, June 10th. Raymond James Financial decreased their price target on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research note on Friday, April 24th. Scotiabank upped their price objective on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a report on Monday, June 15th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $78.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average price target of $70.27.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $61.58 on Wednesday. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.28. The stock’s 50 day moving average is $63.68 and its 200-day moving average is $62.47. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $88.53 billion, a price-to-earnings ratio of 30.34, a PEG ratio of 0.64 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. During the same quarter in the previous year, the business posted $0.54 EPS. Freeport-McMoRan’s quarterly revenue was down 7.3% on a year-over-year basis. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.74 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s payout ratio is presently 14.78%.

Freeport-McMoRan 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.