Shelton Wealth Management LLC Raises Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Shelton Wealth Management LLC boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 41.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 26,130 shares of the natural resource company’s stock after purchasing an additional 7,620 shares during the period. Shelton Wealth Management LLC’s holdings in Freeport-McMoRan were worth $995,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Matrix Trust Co acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth $25,000. University of Texas Texas AM Investment Management Co. purchased a new stake in Freeport-McMoRan during the second quarter worth $27,000. Laurel Wealth Advisors LLC grew its stake in Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after acquiring an additional 600 shares during the period. Godsey & Gibb Inc. boosted its holdings in shares of Freeport-McMoRan by 150.4% during the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 346 shares during the last quarter. Finally, Continuum Advisory LLC lifted its position in Freeport-McMoRan by 46.8% during the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after buying an additional 236 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $40.27 on Friday. Freeport-McMoRan Inc. has a 52-week low of $36.26 and a 52-week high of $55.24. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The business’s 50-day moving average price is $41.25 and its 200 day moving average price is $44.34. The firm has a market cap of $57.86 billion, a P/E ratio of 29.39, a PEG ratio of 2.13 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. During the same quarter last year, the company posted $0.39 EPS. Freeport-McMoRan’s revenue for the quarter was up 16.6% on a year-over-year basis. As a group, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.46 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Wednesday, January 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend is Wednesday, January 15th. Freeport-McMoRan’s payout ratio is presently 21.90%.

Analyst Ratings Changes

FCX has been the subject of several research reports. Raymond James boosted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Scotiabank lowered their price objective on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a research report on Monday, January 6th. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, JPMorgan Chase & Co. cut their price target on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $52.42.

About Freeport-McMoRan

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.