Heritage Wealth Management Inc. acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) during the second quarter, according to its most recent filing with the SEC. The firm acquired 32,920 shares of the natural resource company’s stock, valued at approximately $1,696,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hazlett Burt & Watson Inc. boosted its position in shares of Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after purchasing an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter worth $25,000. LRI Investments LLC purchased a new stake in shares of Freeport-McMoRan during the 1st quarter worth $26,000. Lynx Investment Advisory purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter worth $26,000. Finally, Jones Financial Companies Lllp boosted its position in shares of Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 532 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.
Freeport-McMoRan Trading Up 0.9 %
Shares of FCX stock opened at $50.38 on Wednesday. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The firm has a 50-day moving average price of $43.83 and a 200 day moving average price of $47.61. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $72.37 billion, a price-to-earnings ratio of 44.58, a PEG ratio of 2.89 and a beta of 1.89.
Freeport-McMoRan Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.60%. 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 brokerages have commented on FCX. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Raymond James lifted their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Scotiabank downgraded Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $52.00 price target for the company. in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $52.93.
Get Our Latest Stock Report on Freeport-McMoRan
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.
Featured Stories
- Five stocks we like better than Freeport-McMoRan
- 3 Best Fintech Stocks for a Portfolio Boost
- Chinese Stock Surge: Should You Invest After Stimulus Boost?
- Canadian Penny Stocks: Can They Make You Rich?
- Why Lennar Stock Could Be the Best Play in the Housing Market
- Using the MarketBeat Dividend Tax Calculator
- 2 Energy Stocks Fueling the AI Datacenter Boom
Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.