Walkner Condon Financial Advisors LLC Invests $240,000 in Freeport-McMoRan Inc. $FCX

Walkner Condon Financial Advisors LLC bought a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 5,529 shares of the natural resource company’s stock, valued at approximately $240,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Strengthening Families & Communities LLC raised its stake in shares of Freeport-McMoRan by 0.6% in the second quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company’s stock worth $1,822,000 after purchasing an additional 261 shares during the last quarter. CVA Family Office LLC grew its holdings in Freeport-McMoRan by 21.3% during the second quarter. CVA Family Office LLC now owns 1,527 shares of the natural resource company’s stock worth $66,000 after buying an additional 268 shares in the last quarter. Cypress Wealth Services LLC raised its position in Freeport-McMoRan by 4.6% in the 2nd quarter. Cypress Wealth Services LLC now owns 6,230 shares of the natural resource company’s stock valued at $270,000 after buying an additional 273 shares during the last quarter. Kestra Private Wealth Services LLC raised its position in Freeport-McMoRan by 0.4% in the 1st quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company’s stock valued at $2,348,000 after buying an additional 275 shares during the last quarter. Finally, Princeton Capital Management LLC lifted its stake in Freeport-McMoRan by 1.1% during the 1st quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company’s stock valued at $984,000 after acquiring an additional 275 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Sanford C. Bernstein reduced their target price on shares of Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating for the company in a research note on Tuesday, October 14th. Morgan Stanley cut their price target on shares of Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating on the stock in a report on Wednesday, October 8th. UBS Group set a $48.00 price objective on shares of Freeport-McMoRan and gave the company a “buy” rating in a research note on Friday, October 3rd. Clarkson Capital reissued a “neutral” rating and set a $42.00 target price on shares of Freeport-McMoRan in a research report on Thursday, September 25th. Finally, Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 target price for the company in a report on Tuesday, September 30th. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.01.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $39.78 on Friday. The stock has a fifty day simple moving average of $42.09 and a two-hundred day simple moving average of $41.57. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $49.12. The firm has a market cap of $57.12 billion, a price-to-earnings ratio of 28.02, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The business had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same quarter in the previous year, the firm posted $0.38 EPS. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. Analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.13%.

About Freeport-McMoRan

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.