Creative Planning Buys 5,280 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Posted by Defense World Staff on Oct 9th, 2023

Creative Planning lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 5.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 106,845 shares of the natural resource company’s stock after purchasing an additional 5,280 shares during the quarter. Creative Planning’s holdings in Freeport-McMoRan were worth $4,274,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in FCX. Bank Julius Baer & Co. Ltd Zurich boosted its position in shares of Freeport-McMoRan by 98,120.6% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 11,353,320 shares of the natural resource company’s stock worth $454,133,000 after purchasing an additional 11,341,761 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Freeport-McMoRan by 102.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,698,016 shares of the natural resource company’s stock valued at $355,838,000 after acquiring an additional 4,410,429 shares in the last quarter. Carmignac Gestion bought a new position in Freeport-McMoRan in the 1st quarter valued at approximately $117,323,000. Alphinity Investment Management Pty Ltd bought a new position in Freeport-McMoRan in the 1st quarter valued at approximately $113,926,000. Finally, FMR LLC lifted its position in Freeport-McMoRan by 2.6% in the 1st quarter. FMR LLC now owns 105,191,820 shares of the natural resource company’s stock valued at $4,303,397,000 after acquiring an additional 2,667,362 shares in the last quarter. 77.96% of the stock is owned by institutional investors.

Freeport-McMoRan Trading Up 3.7 %

NYSE:FCX opened at $36.67 on Monday. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.94 and a quick ratio of 1.72. The firm has a market capitalization of $52.57 billion, a price-to-earnings ratio of 25.29 and a beta of 2.06. Freeport-McMoRan Inc. has a one year low of $27.50 and a one year high of $46.73. The business has a fifty day moving average price of $39.62 and a 200-day moving average price of $39.10.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last posted its quarterly earnings data on Thursday, July 20th. The natural resource company reported $0.35 EPS for the quarter, missing the consensus estimate 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%. The company’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter last year, the company earned $0.58 earnings per share. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.6 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Friday, October 13th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.64%. Freeport-McMoRan’s dividend payout ratio (DPR) is 20.69%.

Analyst Ratings Changes

Several equities analysts recently issued reports on FCX shares. 3M reaffirmed an “initiates” rating on shares of Freeport-McMoRan in a research report on Thursday, June 29th. StockNews.com started coverage on Freeport-McMoRan in a research report on Thursday. They issued a “hold” rating on the stock. Scotiabank lowered their price objective on Freeport-McMoRan from $49.00 to $48.00 in a research report on Tuesday, July 25th. Morgan Stanley upped their price objective on Freeport-McMoRan from $38.50 to $44.00 and gave the company an “equal weight” rating in a research report on Thursday, September 21st. Finally, Sanford C. Bernstein began coverage on Freeport-McMoRan in a research report on Thursday, June 29th. They issued a “market perform” rating and a $41.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $42.45.

View Our Latest Research 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.