Marcum Wealth LLC Acquires 549 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Marcum Wealth LLC lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,999 shares of the natural resource company’s stock after purchasing an additional 549 shares during the period. Marcum Wealth LLC’s holdings in Freeport-McMoRan were worth $535,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Freeport-McMoRan by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after purchasing an additional 1,210,833 shares in the last quarter. Capital Research Global Investors boosted its holdings in Freeport-McMoRan by 22.0% in the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after acquiring an additional 13,143,562 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in Freeport-McMoRan by 1.9% in the fourth quarter. Fisher Asset Management LLC now owns 55,710,695 shares of the natural resource company’s stock worth $2,371,604,000 after acquiring an additional 1,030,451 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Freeport-McMoRan by 6.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock worth $1,734,234,000 after acquiring an additional 2,392,800 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Freeport-McMoRan by 7.9% in the first quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company’s stock worth $994,808,000 after acquiring an additional 1,551,828 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on FCX. Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $49.50 to $62.00 in a research note on Friday, June 21st. JPMorgan Chase & Co. lowered their price objective on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday, April 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Scotiabank decreased their price target on Freeport-McMoRan from $60.00 to $58.00 and set a “sector outperform” rating for the company in a research report on Wednesday, July 24th. Finally, Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a research report on Tuesday, April 9th. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.07.

Insider Activity

In other news, CAO Stephen T. Higgins sold 80,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at $5,430,735.31. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.79% of the company’s stock.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock traded down $1.09 during trading on Monday, reaching $40.88. The company had a trading volume of 26,144,521 shares, compared to its average volume of 13,765,050. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The firm’s 50-day simple moving average is $48.59 and its 200 day simple moving average is $46.24. The firm has a market capitalization of $58.72 billion, a price-to-earnings ratio of 36.18, a price-to-earnings-growth ratio of 2.07 and a beta of 1.92. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period last year, the firm earned $0.35 earnings per share. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.47%. Freeport-McMoRan’s payout ratio is 26.55%.

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.