Capital Wealth Planning LLC Purchases 1,538,560 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Capital Wealth Planning LLC grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 34.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,943,074 shares of the natural resource company’s stock after purchasing an additional 1,538,560 shares during the period. Freeport-McMoRan comprises about 3.0% of Capital Wealth Planning LLC’s holdings, making the stock its 17th largest holding. Capital Wealth Planning LLC owned approximately 0.41% of Freeport-McMoRan worth $288,833,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Belpointe Asset Management LLC increased its holdings in shares of Freeport-McMoRan by 38.6% in the fourth quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock worth $719,000 after buying an additional 4,703 shares during the period. Fisher Asset Management LLC increased its holdings in shares of Freeport-McMoRan by 1.8% in the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after buying an additional 976,592 shares during the period. Oaktree Capital Management LP increased its holdings in shares of Freeport-McMoRan by 7.8% in the fourth quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock worth $124,216,000 after buying an additional 211,608 shares during the period. Norden Group LLC increased its holdings in shares of Freeport-McMoRan by 1,823.1% in the first quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock worth $11,750,000 after buying an additional 236,891 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Freeport-McMoRan by 1.0% in the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after buying an additional 1,210,833 shares during the period. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on FCX shares. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Morgan Stanley upgraded shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $49.50 to $62.00 in a research report on Friday, June 21st. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Scotiabank decreased their price objective on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday, August 19th. Finally, StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Tuesday, September 10th. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $53.07.

Freeport-McMoRan Price Performance

Shares of FCX opened at $42.66 on Monday. The stock has a market cap of $61.28 billion, a PE ratio of 37.75, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The firm’s 50-day simple moving average is $44.29 and its two-hundred day simple moving average is $47.01.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business’s revenue was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.35 earnings per share. Analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

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.