Gilliland Jeter Wealth Management LLC Invests $218,000 in Freeport-McMoRan Inc. $FCX

Gilliland Jeter Wealth Management LLC bought a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 5,039 shares of the natural resource company’s stock, valued at approximately $218,000.

Other large investors have also recently made changes to their positions in the company. Argyle Capital Management LLC boosted its position in Freeport-McMoRan by 1.4% in the 2nd quarter. Argyle Capital Management LLC now owns 35,670 shares of the natural resource company’s stock valued at $1,546,000 after buying an additional 500 shares during the period. IFP Advisors Inc lifted its position in shares of Freeport-McMoRan by 1.3% in the 2nd quarter. IFP Advisors Inc now owns 79,461 shares of the natural resource company’s stock worth $3,445,000 after purchasing an additional 1,016 shares during the period. Callan Family Office LLC lifted its position in shares of Freeport-McMoRan by 229.9% in the 2nd quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock worth $1,170,000 after purchasing an additional 18,803 shares during the period. Mercuria Capital Strategies LLC purchased a new stake in shares of Freeport-McMoRan in the 2nd quarter worth approximately $9,970,000. Finally, Hager Investment Management Services LLC lifted its position in shares of Freeport-McMoRan by 4.6% in the 2nd quarter. Hager Investment Management Services LLC now owns 21,560 shares of the natural resource company’s stock worth $935,000 after purchasing an additional 946 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FCX has been the subject of several research reports. BMO Capital Markets lowered their price target on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a research report on Wednesday, September 24th. Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Wednesday. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. Hsbc Global Res lowered shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 22nd. Finally, Clarkson Capital reiterated a “neutral” rating and set a $42.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $46.56.

Freeport-McMoRan Stock Up 1.1%

NYSE:FCX opened at $43.31 on Friday. The firm has a market capitalization of $62.18 billion, a P/E ratio of 32.81, a PEG ratio of 0.96 and a beta of 1.58. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $50.28. The company’s fifty day moving average price is $42.49 and its 200-day moving average price is $40.57. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. The firm had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. During the same quarter in the prior year, the business earned $0.46 earnings per share. The business’s quarterly revenue was up 14.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. Freeport-McMoRan’s dividend payout ratio is 22.73%.

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.