87,485 Shares in Freeport-McMoRan Inc. $FCX Acquired by Trinity Legacy Partners LLC

Key Points

• Trinity Legacy Partners LLC acquired a new position of 87,485 shares of Freeport-McMoRan in the 4th quarter, valued at about $4.44 million.
• Insiders have sold a total of 565,145 shares worth $35.84 million over the last three months, including Chairman Richard C. Adkerson's 248,031-share sale (~$15.58M) and CAO Stephen T. Higgins' 29,654-share sale (~$1.87M).
• Analysts hold a consensus rating of Moderate Buy with a $66.26 consensus target price, and several firms recently raised targets (e.g., Jefferies to $76 and Citigroup to $67).

Trinity Legacy Partners LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 87,485 shares of the natural resource company's stock, valued at approximately $4,443,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Steigerwald Gordon & Koch Inc. acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth about $25,000. Salomon & Ludwin LLC boosted its position in shares of Freeport-McMoRan by 1,962.9% during the 3rd quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company's stock worth $29,000 after acquiring an additional 687 shares in the last quarter. JPL Wealth Management LLC acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth about $33,000. YANKCOM Partnership boosted its position in shares of Freeport-McMoRan by 83.3% during the 4th quarter. YANKCOM Partnership now owns 869 shares of the natural resource company's stock worth $44,000 after acquiring an additional 395 shares in the last quarter. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth about $36,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently issued reports on FCX. Freedom Capital raised Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Saturday, February 21st. Jefferies Financial Group upped their price objective on Freeport-McMoRan from $68.00 to $76.00 and gave the stock a "buy" rating in a research report on Tuesday, February 17th. Citigroup upped their price objective on Freeport-McMoRan from $48.00 to $67.00 and gave the stock a "buy" rating in a research report on Monday, January 12th. Scotiabank reduced their target price on Freeport-McMoRan from $72.00 to $71.00 and set a "sector perform" rating for the company in a report on Tuesday. Finally, Sanford C. Bernstein downgraded Freeport-McMoRan from an "outperform" rating to a "market perform" rating and boosted their target price for the company from $53.50 to $54.00 in a report on Friday, January 23rd. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and a consensus target price of $66.26.

Insider Transactions at Freeport-McMoRan

In related news, CAO Stephen T. Higgins sold 29,654 shares of the business's stock in a transaction dated 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 transaction, the chief accounting officer owned 76,445 shares in the company, valued at $4,816,035. The trade was a 27.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Richard C. Adkerson sold 248,031 shares of the business's stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $62.80, for a total value of $15,576,346.80. Following the completion of the transaction, the chairman owned 3,509,119 shares in the company, valued at $220,372,673.20. This trade represents a 6.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 565,145 shares of company stock worth $35,839,918 over the last three months. 0.75% of the stock is currently owned by company insiders.

Freeport-McMoRan Stock Up 0.5%

Freeport-McMoRan stock opened at $68.59 on Thursday. Freeport-McMoRan Inc. has a fifty-two week low of $32.12 and a fifty-two week high of $69.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29. The company has a market capitalization of $98.58 billion, a P/E ratio of 45.43, a PEG ratio of 0.81 and a beta of 1.48. The stock has a 50-day simple moving average of $61.83 and a 200-day simple moving average of $52.52.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.19. The business had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $5.42 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The business's quarterly revenue was down 1.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.31 EPS. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 1st. Investors of record on Wednesday, April 15th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.4%. The ex-dividend date is Wednesday, April 15th. Freeport-McMoRan's payout ratio is 19.87%.

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.

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