RWA Wealth Partners LLC Boosts Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

RWA Wealth Partners LLC increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 41.7% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 49,882 shares of the natural resource company’s stock after buying an additional 14,679 shares during the period. RWA Wealth Partners LLC’s holdings in Freeport-McMoRan were worth $2,123,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. CM Management LLC lifted its position 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 acquiring an additional 16,000 shares in the last quarter. 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 valued at $14,726,000 after buying an additional 20,894 shares during the period. 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 valued at $279,977,000 after buying an additional 102,466 shares during the period. 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 valued at $27,572,000 after buying an additional 240,340 shares during the period. 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 valued at $201,039,000 after buying an additional 1,965,987 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and increased their price target for the company from $41.00 to $48.50 in a report on Monday, January 8th. HSBC increased their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a report on Tuesday. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 price target on shares of Freeport-McMoRan in a report on Thursday, January 25th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a report on Tuesday, April 9th. Finally, Scotiabank raised their target price on Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a report on Tuesday, April 9th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of $49.15.

Freeport-McMoRan Trading Down 1.9 %

Shares of FCX stock opened at $48.00 on Wednesday. The firm has a market capitalization of $68.85 billion, a PE ratio of 37.80, a PEG ratio of 2.25 and a beta of 2.04. The stock has a fifty day simple moving average of $44.02 and a two-hundred day simple moving average of $40.14. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $52.42.

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

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.25%. Freeport-McMoRan’s payout ratio is 23.62%.

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.