Scissortail Wealth Management LLC Takes Position in Freeport-McMoRan Inc. (NYSE:FCX)

Scissortail Wealth Management LLC bought a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 38,964 shares of the natural resource company’s stock, valued at approximately $1,568,000.

Several other large investors have also recently modified their holdings of FCX. Fairfield Bush & CO. bought a new position in shares of Freeport-McMoRan during the 1st quarter valued at approximately $26,000. KB Financial Partners LLC bought a new position in shares of Freeport-McMoRan during the 1st quarter valued at approximately $26,000. Bruce G. Allen Investments LLC bought a new position in shares of Freeport-McMoRan during the 4th quarter valued at approximately $27,000. Retirement Group LLC grew its position in Freeport-McMoRan by 97.1% in the 2nd quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock valued at $27,000 after acquiring an additional 330 shares during the last quarter. Finally, BluePath Capital Management LLC bought a new position in Freeport-McMoRan in the 3rd quarter valued at $28,000. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on FCX shares. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective on the stock in a research report on Tuesday, April 9th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Sanford C. Bernstein raised 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 research report on Monday, January 8th. Raymond James upped their price objective on Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research report on Thursday, January 4th. Finally, Scotiabank upped their target price on Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a report on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $46.71.

Freeport-McMoRan Stock Down 1.2 %

Shares of NYSE FCX traded down $0.61 during mid-day trading on Tuesday, reaching $49.41. 20,073,083 shares of the company were exchanged, compared to its average volume of 13,666,134. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32. The stock has a market cap of $70.87 billion, a price-to-earnings ratio of 38.91, a P/E/G ratio of 2.24 and a beta of 2.04. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $52.42. The firm has a 50-day moving average of $42.87 and a 200 day moving average of $39.68.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04. The firm had revenue of $5.91 billion during the quarter, compared to analysts’ expectations of $5.85 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.52 EPS. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.6 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 23.62%.

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.