AE Wealth Management LLC Purchases 7,891 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Posted by on Sep 21st, 2023

AE Wealth Management LLC lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 7.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 111,676 shares of the natural resource company’s stock after acquiring an additional 7,891 shares during the quarter. AE Wealth Management LLC’s holdings in Freeport-McMoRan were worth $4,467,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Trust Co. of Toledo NA OH boosted its stake in Freeport-McMoRan by 4.4% in the 2nd quarter. Trust Co. of Toledo NA OH now owns 11,351 shares of the natural resource company’s stock worth $454,000 after purchasing an additional 475 shares during the period. Deane Retirement Strategies Inc. boosted its stake in Freeport-McMoRan by 0.7% in the 2nd quarter. Deane Retirement Strategies Inc. now owns 48,034 shares of the natural resource company’s stock worth $1,919,000 after purchasing an additional 316 shares during the period. Enterprise Bank & Trust Co boosted its stake in Freeport-McMoRan by 2.1% in the 2nd quarter. Enterprise Bank & Trust Co now owns 32,867 shares of the natural resource company’s stock worth $1,315,000 after purchasing an additional 680 shares during the period. M&R Capital Management Inc. boosted its stake in Freeport-McMoRan by 62.1% in the 2nd quarter. M&R Capital Management Inc. now owns 1,305 shares of the natural resource company’s stock worth $52,000 after purchasing an additional 500 shares during the period. Finally, Oliver Lagore Vanvalin Investment Group boosted its stake in Freeport-McMoRan by 70.3% in the 1st quarter. Oliver Lagore Vanvalin Investment Group now owns 14,801 shares of the natural resource company’s stock worth $606,000 after purchasing an additional 6,109 shares during the period. Institutional investors own 77.96% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $38.69 on Thursday. The stock has a market cap of $55.47 billion, a price-to-earnings ratio of 26.68 and a beta of 2.07. 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 Inc. has a 1-year low of $26.03 and a 1-year high of $46.73. The stock’s 50-day moving average is $40.89 and its 200 day moving average is $39.22.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last announced its quarterly earnings results on Thursday, July 20th. The natural resource company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). The company had revenue of $5.74 billion during the quarter, compared to analysts’ expectations of $5.61 billion. Freeport-McMoRan had a return on equity of 9.45% and a net margin of 9.63%. Freeport-McMoRan’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same period last year, the firm earned $0.58 earnings per share. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.62 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Friday, October 13th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.55%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 20.69%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Scotiabank cut their target price on Freeport-McMoRan from $49.00 to $48.00 in a research note on Tuesday, July 25th. 3M reiterated an “initiates” rating on shares of Freeport-McMoRan in a research report on Thursday, June 29th. Morgan Stanley reiterated an “equal weight” rating and set a $38.50 price target on shares of Freeport-McMoRan in a research report on Friday, July 21st. StockNews.com started coverage on Freeport-McMoRan in a research report on Thursday, August 17th. They set a “hold” rating for the company. Finally, Stifel Nicolaus dropped their price target on Freeport-McMoRan from $49.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, August 22nd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $39.96.

Check Out Our Latest Analysis on FCX

Freeport-McMoRan Profile

(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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