Alpha Omega Wealth Management LLC Acquires Shares of 4,700 Freeport-McMoRan Inc. (NYSE:FCX)

Alpha Omega Wealth Management LLC acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 4,700 shares of the natural resource company’s stock, valued at approximately $200,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fairfield Bush & CO. purchased a new stake in Freeport-McMoRan in the first quarter valued at approximately $26,000. KB Financial Partners LLC purchased a new stake in Freeport-McMoRan in the first quarter valued at approximately $26,000. Bruce G. Allen Investments LLC purchased a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $27,000. Retirement Group LLC lifted its stake in Freeport-McMoRan by 97.1% in the second quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock valued at $27,000 after buying an additional 330 shares during the last quarter. Finally, BluePath Capital Management LLC acquired a new position in shares of Freeport-McMoRan in the third quarter valued at approximately $28,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 0.8 %

Shares of FCX stock opened at $49.81 on Thursday. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.42 and a quick ratio of 1.38. The firm has a market capitalization of $71.45 billion, a PE ratio of 39.22, a P/E/G ratio of 2.23 and a beta of 2.04. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $52.42. The business’s fifty day moving average price is $43.08 and its 200 day moving average price is $39.75.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share for the quarter, beating the consensus estimate 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 was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.52 earnings per share. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.6 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is 23.62%.

Analyst Ratings Changes

FCX has been the topic of a number of recent research reports. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a report on Tuesday, April 9th. Raymond James boosted their target price on Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a report on Thursday, January 4th. Scotiabank boosted their target price on Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a report on Tuesday, April 9th. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $41.00 to $48.50 in a report on Monday, January 8th. Finally, JPMorgan Chase & Co. boosted their target price on Freeport-McMoRan from $43.00 to $52.00 and gave the company a “neutral” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Freeport-McMoRan has an average rating of “Hold” and an average price target of $47.54.

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.