Gibbs Wealth Management Purchases 10,509 Shares of Freeport-McMoRan Inc. $FCX

Gibbs Wealth Management raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 49.2% during the first quarter, Holdings Channel reports. The fund owned 31,872 shares of the natural resource company’s stock after buying an additional 10,509 shares during the period. Gibbs Wealth Management’s holdings in Freeport-McMoRan were worth $1,873,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Sei Investments Co. boosted its stake in shares of Freeport-McMoRan by 3.6% in the 1st quarter. Sei Investments Co. now owns 1,098,433 shares of the natural resource company’s stock valued at $64,566,000 after purchasing an additional 38,233 shares in the last quarter. Keynote Financial Services LLC bought a new position in shares of Freeport-McMoRan during the 1st quarter valued at $227,000. State of Wyoming raised its position in Freeport-McMoRan by 102.4% in the 1st quarter. State of Wyoming now owns 10,816 shares of the natural resource company’s stock worth $636,000 after purchasing an additional 5,473 shares during the period. Cetera Investment Advisers lifted its stake in Freeport-McMoRan by 26.9% in the first quarter. Cetera Investment Advisers now owns 688,431 shares of the natural resource company’s stock worth $40,466,000 after purchasing an additional 145,835 shares during the last quarter. Finally, Alpha Family Trust bought a new stake in Freeport-McMoRan in the first quarter worth $202,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $63.31 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.28. The firm has a market cap of $91.01 billion, a P/E ratio of 33.67, a P/E/G ratio of 0.64 and a beta of 1.37. The business’s 50 day moving average price is $63.59 and its 200-day moving average price is $62.33.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, July 22nd. 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 return on equity of 9.88% and a net margin of 10.34%.The company had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. During the same quarter in the prior year, the company earned $0.54 earnings per share. The firm’s revenue for the quarter was down 7.3% on a year-over-year basis. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post 2.72 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be issued a $0.075 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is 15.96%.

Freeport-McMoRan News Roundup

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported second-quarter earnings of $0.74 per share, ahead of the $0.62 consensus, while revenue of $7.03 billion also topped estimates, helped by higher realized metal prices. Article Title
• Positive Sentiment: Freeport-McMoRan said net income rose sharply year over year, and commentary around strong income growth and improved operations points to healthy underlying profitability. Article Title
• Positive Sentiment: Higher copper prices provided a tailwind to results, and one analyst also raised FCX’s price target to $80, suggesting some optimism remains around the stock’s longer-term setup. Article Title
• Neutral Sentiment: Management posted its quarterly and six-month results and highlighted strategic expansions, but also noted challenges from capital spending and regulatory approvals. Article Title
• Negative Sentiment: Shares are under pressure because lower operating rates at the Grasberg mine and a softer copper sales outlook for the next quarter have raised concerns about near-term production and revenue. Article Title
• Negative Sentiment: Recent weakness in copper prices has also weighed on sentiment across the sector, adding to investor caution around FCX’s near-term earnings momentum. Article Title

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on FCX shares. UBS Group raised their price objective on Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Weiss Ratings cut Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 7th. Scotiabank raised their price target on Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research report on Monday, June 15th. Wall Street Zen upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. Finally, Wells Fargo & Company lowered their price objective on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $68.95.

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.