Baker Tilly Wealth Management LLC Boosts Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Baker Tilly Wealth Management LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 14.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,220 shares of the natural resource company’s stock after acquiring an additional 2,081 shares during the period. Baker Tilly Wealth Management LLC’s holdings in Freeport-McMoRan were worth $618,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Matrix Trust Co acquired a new position in shares of Freeport-McMoRan in the 3rd quarter valued at $25,000. Spectrum Wealth Counsel LLC purchased a new stake in Freeport-McMoRan during the second quarter valued at about $25,000. Hazlett Burt & Watson Inc. grew its position in Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after acquiring an additional 480 shares during the period. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Freeport-McMoRan in the 2nd quarter worth about $27,000. Finally, Godsey & Gibb Inc. raised its holdings in shares of Freeport-McMoRan by 150.4% in the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 346 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Morgan Stanley cut their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Scotiabank decreased their price target on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a research report on Monday. Raymond James raised their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Jefferies Financial Group decreased their target price on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a research report on Monday. Seven analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $52.96.

Freeport-McMoRan Stock Down 0.5 %

FCX traded down $0.20 during trading on Friday, hitting $39.54. The company had a trading volume of 3,148,197 shares, compared to its average volume of 11,900,475. The company has a market cap of $56.82 billion, a PE ratio of 28.86, a P/E/G ratio of 2.90 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. Freeport-McMoRan Inc. has a 1-year low of $36.26 and a 1-year high of $55.24. The business has a 50-day moving average of $42.09 and a 200-day moving average of $44.74.

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

Freeport-McMoRan Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.52%. This is an increase from Freeport-McMoRan’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, January 15th. Freeport-McMoRan’s payout ratio is 21.90%.

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.