Wealth Enhancement Advisory Services LLC Increases Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Wealth Enhancement Advisory Services LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 160,920 shares of the natural resource company’s stock after buying an additional 2,503 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Freeport-McMoRan were worth $6,128,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Baker Tilly Wealth Management LLC boosted its stake in Freeport-McMoRan by 14.7% in the fourth quarter. Baker Tilly Wealth Management LLC now owns 16,220 shares of the natural resource company’s stock valued at $618,000 after acquiring an additional 2,081 shares in the last quarter. Michael S. Ryan Inc. grew its stake in Freeport-McMoRan by 22.8% during the 4th quarter. Michael S. Ryan Inc. now owns 8,022 shares of the natural resource company’s stock worth $305,000 after buying an additional 1,487 shares during the last quarter. First Hawaiian Bank increased its position in Freeport-McMoRan by 37.3% during the fourth quarter. First Hawaiian Bank now owns 28,750 shares of the natural resource company’s stock worth $1,095,000 after buying an additional 7,808 shares during the period. Douglas Lane & Associates LLC lifted its stake in Freeport-McMoRan by 4.4% in the fourth quarter. Douglas Lane & Associates LLC now owns 1,548,963 shares of the natural resource company’s stock valued at $58,985,000 after buying an additional 64,906 shares during the last quarter. Finally, Oliver Luxxe Assets LLC boosted its holdings in shares of Freeport-McMoRan by 1.8% in the fourth quarter. Oliver Luxxe Assets LLC now owns 142,486 shares of the natural resource company’s stock valued at $5,426,000 after acquiring an additional 2,548 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

FCX stock opened at $39.40 on Tuesday. The firm has a 50 day moving average of $41.83 and a 200-day moving average of $44.53. The company has a market cap of $56.61 billion, a price-to-earnings ratio of 28.76, a PEG ratio of 2.90 and a beta of 1.87. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12-month low of $36.26 and a 12-month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the previous year, the business earned $0.39 earnings per share. Freeport-McMoRan’s quarterly revenue was up 16.6% compared to the same quarter last year. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.49 EPS for the current fiscal year.

Freeport-McMoRan Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Wednesday, January 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.52%. This is a boost from Freeport-McMoRan’s previous quarterly dividend of $0.08. Freeport-McMoRan’s payout ratio is presently 21.90%.

Wall Street Analyst Weigh In

FCX has been the subject of several research reports. Morgan Stanley reduced their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. Raymond James boosted their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. JPMorgan Chase & Co. boosted their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Finally, Jefferies Financial Group decreased their price target on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a report on Monday, January 6th. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $52.96.

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.