174,390 Shares in Freeport-McMoRan Inc. $FCX Purchased by Fideuram Intesa Sanpaolo Private Banking S.P.A.

Key Points

• Fideuram Intesa Sanpaolo Private Banking S.P.A. opened a new position in Freeport-McMoRan during the fourth quarter, buying 174,390 shares valued at about $8.86 million.
• Freeport-McMoRan reported strong quarterly results, posting $0.57 EPS versus estimates of $0.47 and revenue of $6.23 billion, both ahead of expectations. Revenue also rose 8.8% year over year.
• The stock was down 3.1% to $58.64, while analysts remain generally positive with a consensus rating of Moderate Buy and a target price of $65.14.

Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 174,390 shares of the natural resource company's stock, valued at approximately $8,857,000.

Other institutional investors also recently bought and sold shares of the company. KBC Group NV boosted its holdings in Freeport-McMoRan by 49.0% in the 4th quarter. KBC Group NV now owns 221,838 shares of the natural resource company's stock worth $11,267,000 after buying an additional 73,002 shares during the last quarter. Great Lakes Advisors LLC lifted its stake in Freeport-McMoRan by 8.0% in the 3rd quarter. Great Lakes Advisors LLC now owns 1,551,258 shares of the natural resource company's stock worth $60,840,000 after purchasing an additional 115,285 shares in the last quarter. Summit Global Investments lifted its stake in Freeport-McMoRan by 278.4% in the 3rd quarter. Summit Global Investments now owns 46,157 shares of the natural resource company's stock worth $1,810,000 after purchasing an additional 33,959 shares in the last quarter. Wellington Management Group LLP lifted its stake in Freeport-McMoRan by 190.9% in the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company's stock worth $1,431,326,000 after purchasing an additional 23,950,557 shares in the last quarter. Finally, Florida Trust Wealth Management Co lifted its stake in Freeport-McMoRan by 202.4% in the 3rd quarter. Florida Trust Wealth Management Co now owns 107,302 shares of the natural resource company's stock worth $4,208,000 after purchasing an additional 71,815 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 29,654 shares of the business's stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $63.00, for a total value of $1,868,202.00. Following the sale, the chief accounting officer owned 76,445 shares of the company's stock, valued at $4,816,035. The trade was a 27.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.79% of the stock is currently owned by insiders.

Freeport-McMoRan Stock Down 3.1%

Shares of NYSE FCX opened at $58.64 on Wednesday. The firm has a market cap of $84.30 billion, a price-to-earnings ratio of 31.19, a PEG ratio of 0.73 and a beta of 1.32. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $70.96. The business's 50 day moving average is $61.40 and its two-hundred day moving average is $56.03.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.47 by $0.10. The company had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm's quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.24 earnings per share. Research analysts predict that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were given a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan's payout ratio is presently 15.96%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on FCX shares. Weiss Ratings raised shares of Freeport-McMoRan from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday, May 11th. Wall Street Zen lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Saturday, February 14th. The Goldman Sachs Group reduced their price target on shares of Freeport-McMoRan from $70.00 to $68.00 and set a "buy" rating on the stock in a research report on Friday, April 24th. Bank of America lifted their price target on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Freeport-McMoRan in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $65.14.

Freeport-McMoRan Company 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.

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