Corient Private Wealth LLC Has $10.39 Million Stock Position in Freeport-McMoRan Inc. $FCX

Corient Private Wealth LLC increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 18.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 204,494 shares of the natural resource company’s stock after purchasing an additional 32,461 shares during the period. Corient Private Wealth LLC’s holdings in Freeport-McMoRan were worth $10,388,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Brighton Jones LLC grew its stake in Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after buying an additional 2,882 shares in the last quarter. Bison Wealth LLC increased its holdings in Freeport-McMoRan by 5.6% in the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after buying an additional 507 shares during the period. Sivia Capital Partners LLC acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at approximately $560,000. Brown Advisory Inc. raised its position in shares of Freeport-McMoRan by 27.0% in the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock valued at $539,000 after buying an additional 2,648 shares in the last quarter. Finally, Jump Financial LLC lifted its holdings in shares of Freeport-McMoRan by 42.7% during the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock worth $2,172,000 after acquiring an additional 14,992 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Trending Headlines about Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: BMO Capital Markets raised its price target on Freeport-McMoRan to $78 from $68 and reiterated an outperform rating, signaling confidence in further upside for the copper producer. BMO Capital adjusts price target on Freeport-McMoRan to $78 from $68, maintains outperform rating
• Positive Sentiment: Freeport-McMoRan declared a quarterly cash dividend of $0.15 per share, split between a base and variable dividend, reinforcing its shareholder-return policy. Freeport Declares Quarterly Cash Dividends on Common Stock
• Neutral Sentiment: New commentary highlighted FCX as a “strong growth stock,” and other coverage pointed to favorable copper prices and ongoing growth projects, but these were more screening/overview pieces than direct catalysts. Here’s Why Freeport-McMoRan (FCX) is a Strong Growth Stock
• Neutral Sentiment: Recent articles also noted that FCX underperformed its peers and the market in the prior session, which may be tempering enthusiasm despite the bullish long-term copper backdrop. Freeport-McMoRan Inc. stock underperforms Tuesday when compared to competitors
• Negative Sentiment: FCX was also reported to have suffered a sizable drop in the prior trading session, suggesting some near-term pressure may still be weighing on the stock. Freeport-McMoRan (FCX) Registers a Bigger Fall Than the Market: Important Facts to Note

Analysts Set New Price Targets

FCX has been the topic of several analyst reports. BMO Capital Markets increased their price target on shares of Freeport-McMoRan from $68.00 to $78.00 and gave the stock an “outperform” rating in a research report on Tuesday. Jefferies Financial Group boosted their price objective on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, June 8th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. Scotiabank raised their target price on Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a report on Monday, June 15th. Finally, Wells Fargo & Company decreased their price target on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $68.27.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $61.80 on Thursday. The firm has a market capitalization of $88.85 billion, a price-to-earnings ratio of 32.87, a PEG ratio of 0.78 and a beta of 1.35. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The business’s 50-day moving average price is $64.84 and its 200-day moving average price is $60.58. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.28.

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

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s payout ratio is presently 15.96%.

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.