PFG Advisors bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 5,657 shares of the natural resource company's stock, valued at approximately $214,000.
A number of other large investors have also recently added to or reduced their stakes in FCX. Brighton Jones LLC boosted its position in shares of Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock valued at $564,000 after acquiring an additional 2,882 shares during the period. Bank Pictet & Cie Europe AG boosted its position in shares of Freeport-McMoRan by 27.2% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 540,046 shares of the natural resource company's stock valued at $20,565,000 after acquiring an additional 115,552 shares during the period. American Century Companies Inc. boosted its position in shares of Freeport-McMoRan by 20.0% in the fourth quarter. American Century Companies Inc. now owns 504,987 shares of the natural resource company's stock valued at $19,230,000 after acquiring an additional 84,207 shares during the period. Murphy & Mullick Capital Management Corp bought a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $40,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Freeport-McMoRan by 8.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,301,142 shares of the natural resource company's stock valued at $86,776,000 after acquiring an additional 181,204 shares during the period. Institutional investors own 80.77% of the company's stock.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on the company. Stifel Nicolaus assumed coverage on Freeport-McMoRan in a research report on Wednesday, July 9th. They issued a "buy" rating and a $56.00 price objective for the company. BMO Capital Markets reduced their price objective on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. Raymond James Financial reissued an "outperform" rating and issued a $52.00 price objective on shares of Freeport-McMoRan in a research report on Friday, April 25th. Wolfe Research raised Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price objective for the company in a research report on Wednesday, April 16th. Finally, UBS Group cut Freeport-McMoRan from a "buy" rating to a "neutral" rating and raised their target price for the stock from $45.00 to $50.00 in a research report on Friday, July 11th. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $51.00.
Read Our Latest Report on Freeport-McMoRan
Insiders Place Their Bets
In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total transaction of $343,531.68. Following the completion of the sale, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at approximately $1,934,286.66. The trade was a 15.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.75% of the company's stock.
Freeport-McMoRan Trading Down 2.2%
NYSE:FCX traded down $0.95 on Tuesday, hitting $42.84. 4,978,295 shares of the stock were exchanged, compared to its average volume of 15,777,515. The stock has a market capitalization of $61.56 billion, a price-to-earnings ratio of 32.43, a P/E/G ratio of 0.82 and a beta of 1.64. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. The company's 50-day moving average price is $42.53 and its 200 day moving average price is $39.01.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.09. The firm had revenue of $7.58 billion during the quarter, compared to analysts' expectations of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%. The company's quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.46 EPS. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.
Freeport-McMoRan Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.40%. Freeport-McMoRan's dividend payout ratio is currently 22.73%.
About Freeport-McMoRan
(
Free Report)
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.
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