Wealth High Governance Capital Ltda Makes New $12.39 Million Investment in Freeport-McMoRan Inc. $FCX

Wealth High Governance Capital Ltda bought a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 210,816 shares of the natural resource company’s stock, valued at approximately $12,392,000. Freeport-McMoRan makes up approximately 3.7% of Wealth High Governance Capital Ltda’s holdings, making the stock its 6th largest holding.

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

Analyst Ratings Changes

A number of research firms recently issued reports on FCX. Morgan Stanley raised their target price on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 8th. Barclays upped their price target on shares of Freeport-McMoRan from $80.00 to $82.00 and gave the company an “overweight” rating in a report on Monday, July 27th. Royal Bank Of Canada raised their price target on Freeport-McMoRan from $70.00 to $73.00 and gave the company a “sector perform” rating in a research report on Friday, July 24th. Sanford C. Bernstein boosted their price objective on Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research report on Wednesday, June 10th. Finally, CICC Research lowered their target price on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a report on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $70.27.

Freeport-McMoRan Trading Down 0.2%

Shares of FCX opened at $62.53 on Monday. The stock’s 50-day moving average price is $63.69 and its 200 day moving average price is $62.59. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $89.89 billion, a price-to-earnings ratio of 30.80, a P/E/G ratio of 0.63 and a beta of 1.37. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28.

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

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 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.