Modera Wealth Management LLC Purchases New Holdings in Freeport-McMoRan Inc. $FCX

Modera Wealth Management LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter, HoldingsChannel.com reports. The fund acquired 5,931 shares of the natural resource company’s stock, valued at approximately $257,000.

Other large investors have also modified their holdings of the company. Brighton Jones LLC raised its holdings in Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after purchasing an additional 2,882 shares during the last quarter. Bison Wealth LLC lifted its holdings in Freeport-McMoRan by 5.6% in the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after purchasing an additional 507 shares in the last quarter. Cerity Partners LLC lifted its stake in shares of Freeport-McMoRan by 3.8% during the first quarter. Cerity Partners LLC now owns 178,638 shares of the natural resource company’s stock valued at $6,763,000 after buying an additional 6,499 shares during the period. Diversify Wealth Management LLC lifted its stake in shares of Freeport-McMoRan by 8.6% during the first quarter. Diversify Wealth Management LLC now owns 17,846 shares of the natural resource company’s stock valued at $663,000 after buying an additional 1,412 shares during the period. Finally, Ballentine Partners LLC boosted its holdings in shares of Freeport-McMoRan by 2.0% during the first quarter. Ballentine Partners LLC now owns 16,468 shares of the natural resource company’s stock worth $623,000 after purchasing an additional 316 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Up 2.9%

Shares of NYSE FCX opened at $39.78 on Monday. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. The company has a market cap of $57.12 billion, a price-to-earnings ratio of 28.02, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $49.12. The stock’s 50 day simple moving average is $42.09 and its 200 day simple moving average is $41.67.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The company had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same quarter in the previous year, the company posted $0.38 earnings per share. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Wednesday, October 15th. Freeport-McMoRan’s payout ratio is presently 21.13%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FCX. Scotiabank boosted their target price on shares of Freeport-McMoRan from $49.00 to $51.00 and gave the company a “sector perform” rating in a report on Tuesday, October 28th. 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 Global Res upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 16th. BMO Capital Markets decreased their target price on Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a research report on Wednesday, September 24th. Finally, CICC Research lowered their price objective on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a research report on Friday, September 26th. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.01.

Freeport-McMoRan 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.