Curi Wealth Management LLC Has $66,000 Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Financial News Live · Aug 5, 2022 22:51

Curi Wealth Management LLC grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) by 3,823.5% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,334 shares of the natural resource company's stock after buying an additional 1,300 shares during the period. Curi Wealth Management LLC's holdings in Freeport-McMoRan were worth $66,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in FCX. Dynamic Advisor Solutions LLC lifted its position in shares of Freeport-McMoRan by 2.7% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 32,280 shares of the natural resource company's stock worth $1,606,000 after acquiring an additional 850 shares during the period. ProShare Advisors LLC raised its stake in shares of Freeport-McMoRan by 17.3% in the fourth quarter. ProShare Advisors LLC now owns 424,303 shares of the natural resource company's stock valued at $17,707,000 after purchasing an additional 62,696 shares in the last quarter. NuWave Investment Management LLC bought a new position in Freeport-McMoRan in the first quarter worth $280,000. Minot Wealth Management LLC bought a new position in Freeport-McMoRan in the first quarter worth $462,000. Finally, Capital Investment Advisory Services LLC acquired a new stake in Freeport-McMoRan during the first quarter worth $556,000. Institutional investors own 77.37% of the company's stock.

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Analysts Set New Price Targets

A number of brokerages have recently issued reports on FCX. StockNews.com cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, July 8th. BMO Capital Markets cut their price target on shares of Freeport-McMoRan from $62.00 to $56.00 and set an "outperform" rating for the company in a research note on Friday, April 22nd. Morgan Stanley reaffirmed an "equal weight" rating on shares of Freeport-McMoRan in a report on Thursday, June 23rd. The Goldman Sachs Group dropped their target price on Freeport-McMoRan from $54.00 to $46.00 and set a "buy" rating for the company in a report on Thursday, July 14th. Finally, Barclays decreased their price target on Freeport-McMoRan from $29.00 to $24.00 and set an "underweight" rating on the stock in a research note on Tuesday, July 19th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $42.00.

Freeport-McMoRan Stock Up 0.2 %

Shares of NYSE FCX opened at $28.76 on Friday. Freeport-McMoRan Inc. has a 12-month low of $24.80 and a 12-month high of $51.99. The firm's 50-day simple moving average is $32.33 and its 200 day simple moving average is $39.73. The company has a quick ratio of 1.94, a current ratio of 2.73 and a debt-to-equity ratio of 0.42. The company has a market cap of $41.68 billion, a price-to-earnings ratio of 8.74, a price-to-earnings-growth ratio of 0.30 and a beta of 2.01.

Freeport-McMoRan (NYSE:FCX – Get Rating) last announced its earnings results on Thursday, July 21st. The natural resource company reported $0.58 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.89 by ($0.31). The company had revenue of $5.42 billion for the quarter, compared to analyst estimates of $6.20 billion. Freeport-McMoRan had a return on equity of 22.04% and a net margin of 20.08%. Freeport-McMoRan's revenue for the quarter was down 5.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.77 earnings per share. On average, research analysts expect that Freeport-McMoRan Inc. will post 3.24 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 1st. Stockholders of record on Friday, July 15th were paid a $0.15 dividend. The ex-dividend date was Thursday, July 14th. This represents a $0.60 annualized dividend and a dividend yield of 2.09%. Freeport-McMoRan's dividend payout ratio (DPR) is currently 9.12%.

Insider Transactions at Freeport-McMoRan

In other news, Director Sara Grootwassink Lewis purchased 3,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 3rd. The shares were acquired at an average price of $28.79 per share, for a total transaction of $86,370.00. Following the completion of the acquisition, the director now directly owns 13,800 shares in the company, valued at $397,302. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Freeport-McMoRan news, Director Sara Grootwassink Lewis purchased 3,000 shares of the company's stock in a transaction that occurred on Wednesday, August 3rd. The stock was acquired at an average cost of $28.79 per share, with a total value of $86,370.00. Following the completion of the purchase, the director now directly owns 13,800 shares in the company, valued at approximately $397,302. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dustan E. Mccoy sold 8,200 shares of the stock in a transaction that occurred on Tuesday, May 31st. The shares were sold at an average price of $39.24, for a total transaction of $321,768.00. Following the completion of the transaction, the director now owns 134,400 shares in the company, valued at $5,273,856. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by corporate insiders.

Freeport-McMoRan Profile

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Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.