Leo Wealth LLC Makes New Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Leo Wealth LLC purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,796 shares of the natural resource company’s stock, valued at approximately $289,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. ICA Group Wealth Management LLC bought a new position in shares of Freeport-McMoRan in the fourth quarter valued at approximately $77,000. Fisher Asset Management LLC raised its position in Freeport-McMoRan by 1.8% in the 4th quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after purchasing an additional 976,592 shares during the last quarter. Tucker Asset Management LLC raised its position in Freeport-McMoRan by 1,312.5% in the 4th quarter. Tucker Asset Management LLC now owns 2,938 shares of the natural resource company’s stock worth $125,000 after purchasing an additional 2,730 shares during the last quarter. Congress Asset Management Co. MA raised its position in Freeport-McMoRan by 0.3% in the 4th quarter. Congress Asset Management Co. MA now owns 2,472,264 shares of the natural resource company’s stock worth $105,244,000 after purchasing an additional 7,851 shares during the last quarter. Finally, Northwest Bank & Trust Co bought a new position in Freeport-McMoRan in the 4th quarter worth approximately $555,000. Institutional investors own 80.77% of the company’s stock.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at approximately $5,255,381.95. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CAO Stephen T. Higgins sold 42,767 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the sale, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,255,381.95. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Stephen T. Higgins sold 80,000 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $52.03, for a total value of $4,162,400.00. Following the sale, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,430,735.31. The disclosure for this sale can be found here. Insiders sold a total of 445,667 shares of company stock valued at $22,755,070 in the last 90 days. Corporate insiders own 0.79% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $47.27 on Tuesday. The stock has a market capitalization of $67.90 billion, a PE ratio of 41.83, a P/E/G ratio of 2.10 and a beta of 1.96. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. The business has a fifty day moving average price of $50.78 and a two-hundred day moving average price of $44.45. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The company had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter in the previous year, the firm earned $0.52 EPS. Freeport-McMoRan’s revenue was up 17.3% on a year-over-year basis. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.71 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were issued a $0.15 dividend. The ex-dividend date of this dividend was Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a yield of 1.27%. Freeport-McMoRan’s payout ratio is presently 26.55%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FCX. Bernstein Bank boosted their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research report on Tuesday, April 23rd. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a report on Monday, June 10th. Scotiabank lifted their target price on Freeport-McMoRan from $53.00 to $60.00 and gave the company a “sector outperform” rating in a research report on Thursday, May 30th. Argus raised their price target on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. Finally, StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $51.47.

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.