Marks Group Wealth Management Inc Makes New Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Marks Group Wealth Management Inc purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 4,799 shares of the natural resource company’s stock, valued at approximately $204,000.

Several other large investors also recently modified their holdings of the stock. CM Management LLC boosted its holdings in Freeport-McMoRan by 80.0% in the 3rd quarter. CM Management LLC now owns 36,000 shares of the natural resource company’s stock valued at $1,342,000 after purchasing an additional 16,000 shares during the period. Signature Estate & Investment Advisors LLC lifted its holdings in shares of Freeport-McMoRan by 6.4% during the 4th quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock worth $14,726,000 after acquiring an additional 20,894 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Freeport-McMoRan by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock worth $279,977,000 after acquiring an additional 102,466 shares during the last quarter. Cadinha & Co. LLC lifted its holdings in shares of Freeport-McMoRan by 59.0% during the 4th quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock worth $27,572,000 after acquiring an additional 240,340 shares during the last quarter. Finally, Alphinity Investment Management Pty Ltd lifted its holdings in shares of Freeport-McMoRan by 57.4% during the 3rd quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock worth $201,039,000 after acquiring an additional 1,965,987 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

FCX stock opened at $48.44 on Wednesday. The firm’s 50-day moving average price is $44.02 and its two-hundred day moving average price is $40.14. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $52.42. The stock has a market capitalization of $69.48 billion, a price-to-earnings ratio of 37.80, a PEG ratio of 2.25 and a beta of 2.04. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The firm had revenue of $6.32 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter in the previous year, the company earned $0.52 earnings per share. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.57 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.24%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is currently 23.62%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Raymond James lifted their price objective on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a report on Thursday, January 4th. Bernstein Bank boosted their price target on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research note on Tuesday. Scotiabank boosted their price target on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, April 9th. JPMorgan Chase & Co. boosted their price target on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. Finally, HSBC boosted their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research note on Tuesday. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $49.15.

About Freeport-McMoRan

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.