Lyell Wealth Management LP Purchases 5,309 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Lyell Wealth Management LP boosted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 123,718 shares of the natural resource company’s stock after acquiring an additional 5,309 shares during the quarter. Lyell Wealth Management LP’s holdings in Freeport-McMoRan were worth $5,267,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Freeport-McMoRan by 0.3% during the third quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock worth $4,451,285,000 after acquiring an additional 305,912 shares in the last quarter. Northern Trust Corp raised its position in shares of Freeport-McMoRan by 4.2% in the third quarter. Northern Trust Corp now owns 17,756,034 shares of the natural resource company’s stock valued at $662,123,000 after purchasing an additional 709,114 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Freeport-McMoRan by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock valued at $279,977,000 after purchasing an additional 102,466 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Freeport-McMoRan by 18.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 6,393,868 shares of the natural resource company’s stock valued at $238,427,000 after purchasing an additional 986,703 shares during the period. Finally, Alphinity Investment Management Pty Ltd raised its position in shares of Freeport-McMoRan by 15.6% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 6,232,130 shares of the natural resource company’s stock valued at $265,302,000 after purchasing an additional 840,900 shares during the period. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock traded up $0.25 during trading hours on Wednesday, reaching $48.24. 11,808,498 shares of the stock were exchanged, compared to its average volume of 13,907,176. The company has a market cap of $69.20 billion, a P/E ratio of 37.98, a price-to-earnings-growth ratio of 2.25 and a beta of 2.04. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $52.42. The stock has a 50 day moving average of $44.02 and a two-hundred day moving average of $40.14.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The firm had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same period in the prior year, the company posted $0.52 earnings per share. The business’s revenue for the quarter was up 17.3% on a year-over-year basis. Equities analysts expect that Freeport-McMoRan Inc. will post 1.57 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.24%. Freeport-McMoRan’s payout ratio is currently 23.62%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on FCX shares. Scotiabank dropped their price objective on shares of Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating on the stock in a research report on Wednesday. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Bernstein Bank raised their price target on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research report on Tuesday. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a research report on Tuesday, April 9th. Finally, Raymond James raised their price target on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a research report on Wednesday. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $49.77.

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.