Gateway Wealth Partners LLC Invests $674,000 in Freeport-McMoRan Inc. $FCX

Gateway Wealth Partners LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 11,474 shares of the natural resource company’s stock, valued at approximately $674,000.

A number of other large investors have also added to or reduced their stakes in FCX. Steph & Co. boosted its position in Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after buying an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan during the first quarter valued at about $29,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth about $25,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth about $29,000. Finally, Financial Life Planners acquired a new position in shares of Freeport-McMoRan in the first quarter worth about $34,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 5.7%

Shares of Freeport-McMoRan stock opened at $63.43 on Friday. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The firm has a market cap of $91.18 billion, a P/E ratio of 31.24, a P/E/G ratio of 0.60 and a beta of 1.37. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.28. The business has a 50-day moving average price of $63.68 and a 200 day moving average price of $62.56.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. The company had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.Freeport-McMoRan’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.54 EPS. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.75 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 14.78%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on FCX shares. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Citigroup restated a “positive” rating on shares of Freeport-McMoRan in a report on Wednesday, July 15th. The Goldman Sachs Group cut their target price on Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating on the stock in a research report on Wednesday, July 8th. Morgan Stanley increased their target price on Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 8th. Finally, Barclays raised their price target on shares of Freeport-McMoRan from $80.00 to $82.00 and gave the stock an “overweight” rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.27.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.