Marks Group Wealth Management Inc Makes New $204,000 Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Marks Group Wealth Management Inc purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 4,799 shares of the natural resource company’s stock, valued at approximately $204,000.

A number of other institutional investors also recently modified their holdings of the company. PDS Planning Inc bought a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $226,000. 1900 Wealth Management LLC bought a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $203,000. RWA Wealth Partners LLC lifted its holdings in shares of Freeport-McMoRan by 41.7% in the fourth quarter. RWA Wealth Partners LLC now owns 49,882 shares of the natural resource company’s stock valued at $2,123,000 after purchasing an additional 14,679 shares in the last quarter. Mengis Capital Management Inc. lifted its holdings in shares of Freeport-McMoRan by 18.1% in the fourth quarter. Mengis Capital Management Inc. now owns 22,870 shares of the natural resource company’s stock valued at $974,000 after purchasing an additional 3,500 shares in the last quarter. Finally, MCF Advisors LLC increased its position in shares of Freeport-McMoRan by 15.3% in the fourth quarter. MCF Advisors LLC now owns 3,227 shares of the natural resource company’s stock valued at $137,000 after acquiring an additional 429 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $48.44 on Wednesday. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $52.42. The stock’s 50 day moving average is $44.02 and its 200-day moving average is $40.14. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $69.48 billion, a price-to-earnings ratio of 37.80, a PEG ratio of 2.25 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. The company had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.52 earnings per share. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.57 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.24%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 23.62%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 target price on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Raymond James lifted their target price on Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research report on Thursday, January 4th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a research report on Tuesday, April 9th. Bernstein Bank lifted their target price on Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research report on Tuesday. Finally, HSBC lifted their target price on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research report on Tuesday. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $49.15.

Freeport-McMoRan Profile

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