MAI Capital Management Has $861,000 Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Posted by on Aug 21st, 2023

MAI Capital Management increased its stake in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 8.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,037 shares of the natural resource company’s stock after acquiring an additional 1,595 shares during the quarter. MAI Capital Management’s holdings in Freeport-McMoRan were worth $861,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Fairfield Bush & CO. acquired a new position in shares of Freeport-McMoRan in the 1st quarter worth approximately $26,000. America First Investment Advisors LLC acquired a new position in Freeport-McMoRan in the first quarter valued at $25,000. ICA Group Wealth Management LLC bought a new stake in Freeport-McMoRan during the fourth quarter valued at $28,000. GPS Wealth Strategies Group LLC acquired a new stake in Freeport-McMoRan during the 1st quarter worth about $34,000. Finally, Creative Financial Designs Inc. ADV raised its position in shares of Freeport-McMoRan by 111.0% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 882 shares of the natural resource company’s stock worth $36,000 after acquiring an additional 464 shares in the last quarter. 79.35% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $38.84 on Monday. The stock has a 50 day moving average of $40.79 and a 200 day moving average of $39.61. The company has a market capitalization of $55.68 billion, a price-to-earnings ratio of 26.79 and a beta of 2.03. Freeport-McMoRan Inc. has a 12 month low of $26.03 and a 12 month high of $46.73. The company has a current ratio of 2.94, a quick ratio of 1.72 and a debt-to-equity ratio of 0.36.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last announced its earnings results on Thursday, July 20th. The natural resource company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.01). The business had revenue of $5.74 billion for the quarter, compared to analysts’ expectations of $5.61 billion. Freeport-McMoRan had a net margin of 9.63% and a return on equity of 9.45%. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.58 earnings per share. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.61 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Friday, July 14th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date was Thursday, July 13th. Freeport-McMoRan’s payout ratio is 20.69%.

Analyst Ratings Changes

Several brokerages recently commented on FCX. Scotiabank cut their target price on Freeport-McMoRan from $49.00 to $48.00 in a research report on Tuesday, July 25th. 1-800-FLOWERS.COM reaffirmed an “initiates” rating on shares of Freeport-McMoRan in a research report on Thursday, June 29th. Morgan Stanley reiterated an “equal weight” rating and issued a $38.50 price objective on shares of Freeport-McMoRan in a research note on Friday, July 21st. Raymond James upped their price objective on shares of Freeport-McMoRan from $43.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, July 21st. Finally, StockNews.com initiated coverage on Freeport-McMoRan in a report on Thursday. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $39.29.

Check Out Our Latest Stock Report on FCX

About Freeport-McMoRan

(Free Report)

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, as well as oil and gas. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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