Leo Wealth LLC Invests $289,000 in Freeport-McMoRan Inc. (NYSE:FCX)

Leo Wealth LLC acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 6,796 shares of the natural resource company’s stock, valued at approximately $289,000.

Other hedge funds also recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC purchased a new position in Freeport-McMoRan in the 4th quarter worth approximately $27,000. Jones Financial Companies Lllp raised its stake in Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after buying an additional 532 shares during the last quarter. Vermillion & White Wealth Management Group LLC purchased a new stake in Freeport-McMoRan during the 4th quarter valued at $32,000. EdgeRock Capital LLC purchased a new stake in Freeport-McMoRan during the 4th quarter valued at $35,000. Finally, Webster Bank N. A. raised its stake in Freeport-McMoRan by 6,469.2% during the 4th 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 last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $47.27 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The firm has a market capitalization of $67.90 billion, a P/E ratio of 41.83, a price-to-earnings-growth ratio of 2.10 and a beta of 1.96. The company’s 50-day moving average is $50.78 and its 200 day moving average is $44.45.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 EPS. Research analysts forecast that Freeport-McMoRan Inc. will post 1.71 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date was Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Insider Transactions at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 42,767 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at $5,255,381.95. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CAO Stephen T. Higgins sold 80,000 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the transaction, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,430,735.31. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Stephen T. Higgins sold 42,767 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at $5,255,381.95. The disclosure for this sale can be found here. Over the last three months, insiders have sold 445,667 shares of company stock valued at $22,755,070. 0.79% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on FCX shares. Scotiabank boosted their target price on shares of Freeport-McMoRan from $53.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 30th. Argus boosted their target price on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. Bernstein Bank upped their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research note on Tuesday, April 23rd. Deutsche Bank Aktiengesellschaft upped their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. Finally, Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a research note on Tuesday, April 9th. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.47.

Freeport-McMoRan Company 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.