Greenwood Capital Associates LLC Purchases 20,187 Shares of Freeport-McMoRan Inc. $FCX

Greenwood Capital Associates LLC raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 38.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,248 shares of the natural resource company’s stock after purchasing an additional 20,187 shares during the period. Greenwood Capital Associates LLC’s holdings in Freeport-McMoRan were worth $4,247,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Steph & Co. increased its stake in shares of Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth $25,000. Kemnay Advisory Services Inc. bought a new stake in shares of Freeport-McMoRan during the 4th quarter worth $29,000. Financial Life Planners bought a new stake in shares of Freeport-McMoRan during the 1st quarter worth $34,000. Finally, SHP Wealth Management acquired a new stake in Freeport-McMoRan in the fourth quarter valued at about $30,000. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on FCX. HSBC lifted their target price on Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. CICC Research reduced their price target on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Citigroup lowered their price objective on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Finally, Raymond James Financial dropped their price objective on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research note on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $68.50.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $57.45 on Thursday. The stock’s 50-day moving average is $63.71 and its 200-day moving average is $61.58. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The stock has a market cap of $82.58 billion, a P/E ratio of 30.56, a price-to-earnings-growth ratio of 0.61 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same quarter last year, the business earned $0.24 EPS. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 2.59 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

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

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.