3,281 Shares in Freeport-McMoRan Inc. $FCX Purchased by Tower View Wealth Management LLC

Tower View Wealth Management LLC purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 3,281 shares of the natural resource company’s stock, valued at approximately $142,000.

Several other institutional investors have also modified their holdings of the business. Kestra Private Wealth Services LLC lifted its stake in shares of Freeport-McMoRan by 0.4% in the first quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company’s stock worth $2,348,000 after acquiring an additional 275 shares in the last quarter. Princeton Capital Management LLC lifted its stake in shares of Freeport-McMoRan by 1.1% in the first quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company’s stock worth $984,000 after acquiring an additional 275 shares in the last quarter. Capital Investment Advisory Services LLC lifted its stake in shares of Freeport-McMoRan by 3.2% in the first quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company’s stock worth $345,000 after acquiring an additional 278 shares in the last quarter. Capital Analysts LLC lifted its stake in shares of Freeport-McMoRan by 12.5% in the first quarter. Capital Analysts LLC now owns 2,550 shares of the natural resource company’s stock worth $96,000 after acquiring an additional 284 shares in the last quarter. Finally, Sargent Investment Group LLC lifted its stake in shares of Freeport-McMoRan by 2.8% in the first quarter. Sargent Investment Group LLC now owns 10,421 shares of the natural resource company’s stock worth $395,000 after acquiring an additional 285 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 0.6%

Shares of Freeport-McMoRan stock opened at $38.86 on Friday. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The business’s 50 day simple moving average is $42.58 and its 200-day simple moving average is $40.54. The stock has a market capitalization of $55.80 billion, a price-to-earnings ratio of 29.44, a PEG ratio of 0.71 and a beta of 1.58. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $51.19.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. The business had revenue of $7.58 billion for the quarter, compared to analysts’ expectations of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The business’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.46 EPS. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.5%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 22.73%.

Wall Street Analysts Forecast Growth

FCX has been the topic of several recent analyst reports. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price target on the stock in a research note on Tuesday. CICC Research cut their price objective on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research note on Friday, September 26th. Deutsche Bank Aktiengesellschaft cut their price objective on Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday. Raymond James Financial cut their price objective on Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating on the stock in a research note on Thursday, September 25th. Finally, Royal Bank Of Canada cut their price objective on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a research note on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.47.

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.