Prudent Man Advisors LLC Takes Position in Freeport-McMoRan Inc. $FCX

Prudent Man Advisors LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, Holdings Channel reports. The fund bought 18,500 shares of the natural resource company’s stock, valued at approximately $940,000.

Other hedge funds also recently modified their holdings of the company. JPL Wealth Management LLC bought a new position in Freeport-McMoRan during the 3rd quarter worth approximately $33,000. Kohmann Bosshard Financial Services LLC bought a new position in Freeport-McMoRan during the 4th quarter worth approximately $38,000. Modus Advisors LLC bought a new position in Freeport-McMoRan during the 4th quarter worth approximately $40,000. Key Financial Inc boosted its stake in Freeport-McMoRan by 32.3% during the 4th quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock worth $42,000 after acquiring an additional 202 shares during the last quarter. Finally, Laurel Wealth Advisors LLC bought a new position in Freeport-McMoRan during the 4th quarter worth approximately $43,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $63.37 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.09. The firm’s 50 day moving average price is $63.48 and its two-hundred day moving average price is $58.31. The firm has a market cap of $91.10 billion, a P/E ratio of 33.71, a PEG ratio of 0.76 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The firm had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the previous year, the firm posted $0.24 earnings per share. The business’s revenue was up 8.8% on a year-over-year basis. On average, analysts forecast that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s payout ratio is presently 15.96%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Weiss Ratings raised shares of Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, May 22nd. Argus raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Friday, February 13th. BNP Paribas Exane reduced their price objective on shares of Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. The Goldman Sachs Group lifted their price objective on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Finally, Freedom Capital raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $66.04.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.