Fiduciary Alliance LLC Has $10.14 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

by · The Markets Daily

Fiduciary Alliance LLC boosted its position in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 7.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 203,084 shares of the natural resource company’s stock after purchasing an additional 14,402 shares during the period. Freeport-McMoRan comprises 1.3% of Fiduciary Alliance LLC’s holdings, making the stock its 16th largest position. Fiduciary Alliance LLC’s holdings in Freeport-McMoRan were worth $10,138,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Syon Capital LLC increased its holdings in shares of Freeport-McMoRan by 33.2% in the fourth quarter. Syon Capital LLC now owns 11,289 shares of the natural resource company’s stock valued at $481,000 after purchasing an additional 2,815 shares during the last quarter. Creekmur Asset Management LLC bought a new position in Freeport-McMoRan in the 4th quarter valued at about $43,000. ICA Group Wealth Management LLC acquired a new stake in Freeport-McMoRan during the fourth quarter worth approximately $77,000. Leo Wealth LLC bought a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $289,000. Finally, B. Riley Wealth Advisors Inc. grew its position in shares of Freeport-McMoRan by 53.1% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 72,206 shares of the natural resource company’s stock valued at $3,074,000 after purchasing an additional 25,056 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 2.5 %

Freeport-McMoRan stock traded down $1.25 during trading hours on Monday, hitting $48.78. The stock had a trading volume of 6,461,699 shares, compared to its average volume of 13,166,966. The stock has a market cap of $70.07 billion, a price-to-earnings ratio of 44.27, a P/E/G ratio of 2.03 and a beta of 1.90. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The business’s 50 day simple moving average is $44.75 and its 200-day simple moving average is $47.87. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The company had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. Freeport-McMoRan’s revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.35 earnings per share. On average, equities analysts predict that Freeport-McMoRan Inc. will post 1.58 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FCX. Scotiabank boosted their price target on Freeport-McMoRan from $52.00 to $53.00 and gave the company a “sector perform” rating in a research note on Tuesday, October 8th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Finally, Morgan Stanley cut their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Check Out Our Latest Analysis on Freeport-McMoRan

Freeport-McMoRan Company Profile

(Free Report)

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.

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