Alaethes Wealth LLC Acquires 1,943 Shares of Freeport-McMoRan Inc. $FCX

Alaethes Wealth LLC increased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 5.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,439 shares of the natural resource company’s stock after acquiring an additional 1,943 shares during the quarter. Alaethes Wealth LLC’s holdings in Freeport-McMoRan were worth $1,455,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of FCX. City Holding Co. bought a new position in shares of Freeport-McMoRan in the 1st quarter worth about $33,000. Bernard Wealth Management Corp. bought a new position in shares of Freeport-McMoRan in the 4th quarter worth about $35,000. Dagco Inc. bought a new position in shares of Freeport-McMoRan in the 1st quarter worth about $37,000. CKW Financial Group bought a new position in shares of Freeport-McMoRan in the 1st quarter worth about $40,000. Finally, Greykasell Wealth Strategies Inc. bought a new position in shares of Freeport-McMoRan in the 1st quarter worth about $42,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $46.68 on Tuesday. The firm’s 50-day moving average price is $43.71 and its 200-day moving average price is $39.94. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The company has a market cap of $67.02 billion, a PE ratio of 35.36, a PEG ratio of 0.88 and a beta of 1.59. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61.

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

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Tuesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 22.73%.

Analyst Upgrades and Downgrades

FCX has been the topic of several recent analyst reports. Royal Bank Of Canada increased their price objective on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a “sector perform” rating in a research report on Wednesday, June 4th. Citigroup increased their price objective on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a “neutral” rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. increased their price objective on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the company an “overweight” rating in a research report on Wednesday, July 9th. Hsbc Global Res downgraded shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 22nd. Finally, Stifel Nicolaus initiated coverage on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. They set a “buy” rating and a $56.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $51.00.

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.