Scissortail Wealth Management LLC Buys Shares of 38,964 Freeport-McMoRan Inc. (NYSE:FCX)

Scissortail Wealth Management LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, HoldingsChannel reports. The firm bought 38,964 shares of the natural resource company’s stock, valued at approximately $1,568,000.

Several other large investors also recently added to or reduced their stakes in the stock. Tyche Wealth Partners LLC purchased a new stake in Freeport-McMoRan in the 4th quarter valued at $325,000. Mathes Company Inc. purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth $215,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Freeport-McMoRan by 6.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 470,254 shares of the natural resource company’s stock worth $20,019,000 after purchasing an additional 29,158 shares during the period. Lipe & Dalton purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth $170,000. Finally, Wealth Alliance grew its holdings in shares of Freeport-McMoRan by 17.2% during the 4th quarter. Wealth Alliance now owns 13,933 shares of the natural resource company’s stock worth $593,000 after purchasing an additional 2,042 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Down 1.2 %

FCX stock traded down $0.61 during mid-day trading on Tuesday, reaching $49.41. The company had a trading volume of 20,073,083 shares, compared to its average volume of 13,666,134. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. The company has a market capitalization of $70.87 billion, a price-to-earnings ratio of 38.91, a price-to-earnings-growth ratio of 2.24 and a beta of 2.04. The firm has a fifty day simple moving average of $42.87 and a 200 day simple moving average of $39.68. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $52.42.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.04. The company had revenue of $5.91 billion for the quarter, compared to analyst estimates of $5.85 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. Freeport-McMoRan’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.52 EPS. Analysts forecast that Freeport-McMoRan Inc. will post 1.6 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.21%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 23.62%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on FCX shares. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $41.00 to $48.50 in a report on Monday, January 8th. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a report on Tuesday, April 9th. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price target on shares of Freeport-McMoRan in a report on Thursday, January 25th. Scotiabank increased their price target on Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a report on Tuesday, April 9th. Finally, Raymond James increased their target price on Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a research note on Thursday, January 4th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Hold” and an average price target of $46.71.

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.