Vanguard Personalized Indexing Management LLC Increases Holdings in Freeport-McMoRan Inc. $FCX

Vanguard Personalized Indexing Management LLC increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 7.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 160,022 shares of the natural resource company’s stock after buying an additional 10,842 shares during the quarter. Vanguard Personalized Indexing Management LLC’s holdings in Freeport-McMoRan were worth $8,128,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. JPL Wealth Management LLC purchased a new position in Freeport-McMoRan during the third quarter worth approximately $33,000. Kohmann Bosshard Financial Services LLC purchased a new position in Freeport-McMoRan during the fourth quarter worth approximately $38,000. Modus Advisors LLC purchased a new position in Freeport-McMoRan during the fourth quarter worth approximately $40,000. Key Financial Inc lifted its position in Freeport-McMoRan by 32.3% during the fourth quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock worth $42,000 after buying an additional 202 shares in the last quarter. Finally, Laurel Wealth Advisors LLC purchased a new position in Freeport-McMoRan during the fourth quarter worth approximately $43,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on FCX shares. Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, May 22nd. The Goldman Sachs Group lifted their target price on Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Sanford C. Bernstein lifted their target price on Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research report on Wednesday, June 10th. UBS Group lifted their price objective on Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Finally, Bank of America lifted their price objective on Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.31.

Freeport-McMoRan Stock Up 2.3%

FCX opened at $69.99 on Tuesday. The business has a 50 day moving average price of $64.41 and a two-hundred day moving average price of $59.38. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The company has a market cap of $100.62 billion, a PE ratio of 37.23, a P/E/G ratio of 0.82 and a beta of 1.35. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.09.

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

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio is currently 15.96%.

Freeport-McMoRan 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.