Gateway Wealth Partners LLC Makes New $674,000 Investment in Freeport-McMoRan Inc. $FCX

Gateway Wealth Partners LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 1st quarter, according to its most recent filing with the SEC. The fund purchased 11,474 shares of the natural resource company’s stock, valued at approximately $674,000.

Several other hedge funds have also made changes to their positions in FCX. Pinnacle Bancorp Inc. grew its holdings in Freeport-McMoRan by 7.9% in the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock valued at $118,000 after buying an additional 147 shares during the period. Steph & Co. increased its stake in shares of Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 150 shares during the last quarter. Essex Bank lifted its holdings in shares of Freeport-McMoRan by 1.2% during the 1st quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock worth $829,000 after acquiring an additional 163 shares during the period. Leo Wealth LLC boosted its position in shares of Freeport-McMoRan by 2.5% in the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock worth $347,000 after acquiring an additional 170 shares during the last quarter. Finally, Klein Pavlis & Peasley Financial Inc. boosted its position in shares of Freeport-McMoRan by 0.9% in the first quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company’s stock worth $1,098,000 after acquiring an additional 175 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Bank of America upped their price target on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. CICC Research lowered their price objective on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research note on Tuesday, April 28th. Morgan Stanley upped their price objective on Freeport-McMoRan from $66.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 8th. Finally, HSBC upped their price objective on Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.27.

Freeport-McMoRan Trading Up 5.7%

Shares of FCX stock opened at $63.43 on Friday. The stock has a market cap of $91.18 billion, a price-to-earnings ratio of 31.24, a price-to-earnings-growth ratio of 0.60 and a beta of 1.37. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.28. The firm’s 50 day moving average price is $63.68 and its two-hundred day moving average price is $62.56.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.12. The company had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.54 earnings per share. On average, analysts anticipate that Freeport-McMoRan Inc. will post 2.75 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan’s payout ratio is currently 14.78%.

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.