GDS Wealth Management Makes New $232,000 Investment in Freeport-McMoRan Inc. $FCX

GDS Wealth Management bought a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 5,360 shares of the natural resource company’s stock, valued at approximately $232,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quilter Plc increased its holdings in Freeport-McMoRan by 1.8% in the second quarter. Quilter Plc now owns 18,699 shares of the natural resource company’s stock valued at $811,000 after purchasing an additional 325 shares during the last quarter. ARS Investment Partners LLC grew its position in shares of Freeport-McMoRan by 15.1% during the 2nd quarter. ARS Investment Partners LLC now owns 971,032 shares of the natural resource company’s stock worth $42,094,000 after buying an additional 127,431 shares during the period. Alteri Wealth LLC increased its stake in shares of Freeport-McMoRan by 14.8% in the 2nd quarter. Alteri Wealth LLC now owns 10,088 shares of the natural resource company’s stock valued at $437,000 after acquiring an additional 1,298 shares during the last quarter. TD Waterhouse Canada Inc. raised its position in shares of Freeport-McMoRan by 3.0% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 313,972 shares of the natural resource company’s stock valued at $13,819,000 after acquiring an additional 9,253 shares during the period. Finally, Managed Asset Portfolios LLC raised its position in shares of Freeport-McMoRan by 1.1% in the 2nd quarter. Managed Asset Portfolios LLC now owns 331,658 shares of the natural resource company’s stock valued at $14,377,000 after acquiring an additional 3,545 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $39.68 on Friday. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $49.12. The company has a market cap of $56.98 billion, a P/E ratio of 27.94, a P/E/G 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. The stock’s 50-day simple moving average is $41.19 and its 200 day simple moving average is $41.82.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.74 billion. During the same period in the prior year, the firm posted $0.38 earnings per share. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Deutsche Bank Aktiengesellschaft decreased their target price on Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, October 2nd. Jefferies Financial Group restated a “buy” rating and issued a $46.00 price target on shares of Freeport-McMoRan in a report on Wednesday, September 24th. HSBC cut their price objective on Freeport-McMoRan from $50.00 to $48.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Royal Bank Of Canada decreased their price objective on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 1st. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $46.73.

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.