Lyell Wealth Management LP Purchases 5,309 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Lyell Wealth Management LP lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 4.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 123,718 shares of the natural resource company’s stock after acquiring an additional 5,309 shares during the quarter. Lyell Wealth Management LP’s holdings in Freeport-McMoRan were worth $5,267,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Bruce G. Allen Investments LLC bought a new position in Freeport-McMoRan during the fourth quarter valued at about $27,000. BluePath Capital Management LLC bought a new position in Freeport-McMoRan during the third quarter valued at about $28,000. Webster Bank N. A. grew its position in Freeport-McMoRan by 6,469.2% during the fourth quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock valued at $36,000 after buying an additional 841 shares during the period. CVA Family Office LLC bought a new position in Freeport-McMoRan during the fourth quarter valued at about $38,000. Finally, Venturi Wealth Management LLC grew its position in Freeport-McMoRan by 122.5% during the fourth quarter. Venturi Wealth Management LLC now owns 930 shares of the natural resource company’s stock valued at $40,000 after buying an additional 512 shares during the period. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FCX. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a research report on Tuesday, April 9th. Scotiabank reduced their price target on shares of Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating for the company in a research report on Wednesday. Raymond James increased their price target on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a research report on Wednesday. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $41.00 to $48.50 in a report on Monday, January 8th. Finally, Bernstein Bank upped their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a report on Tuesday. Six research 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 currently has a consensus rating of “Moderate Buy” and an average target price of $49.77.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock traded up $0.25 on Wednesday, reaching $48.24. The stock had a trading volume of 11,808,498 shares, compared to its average volume of 13,907,176. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $52.42. The company has a market cap of $69.20 billion, a P/E ratio of 37.98, a price-to-earnings-growth ratio of 2.25 and a beta of 2.04. 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 business’s 50 day moving average is $44.02 and its two-hundred day moving average is $40.14.

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

Freeport-McMoRan Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is currently 23.62%.

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.