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Baader Bank Aktiengesellschaft Buys 11,380 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Freeport-McMoRan logo with Basic Materials background

Key Points

  • Baader Bank Aktiengesellschaft increased its stake in Freeport-McMoRan Inc. by 133.9%, acquiring an additional 11,380 shares, bringing its total holdings to 19,880 shares valued at approximately $699,000.
  • Freeport-McMoRan's recent quarterly earnings exceeded analysts' expectations, reporting $0.54 earnings per share (EPS) against a consensus estimate of $0.45.
  • The company will distribute a quarterly dividend of $0.15 per share, reflecting a dividend yield of 1.53% and an annual payout of $0.60.
  • MarketBeat previews the top five stocks to own by September 1st.

Baader Bank Aktiengesellschaft increased its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 133.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,880 shares of the natural resource company's stock after purchasing an additional 11,380 shares during the period. Baader Bank Aktiengesellschaft's holdings in Freeport-McMoRan were worth $699,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of FCX. Mizuho Bank Ltd. bought a new position in Freeport-McMoRan during the fourth quarter valued at approximately $26,000. Coppell Advisory Solutions LLC grew its position in Freeport-McMoRan by 47.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock valued at $32,000 after acquiring an additional 268 shares during the last quarter. City Holding Co. bought a new position in Freeport-McMoRan during the first quarter valued at approximately $33,000. Bernard Wealth Management Corp. bought a new position in Freeport-McMoRan during the fourth quarter valued at approximately $35,000. Finally, Wolff Wiese Magana LLC grew its position in Freeport-McMoRan by 38.2% during the first quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company's stock valued at $44,000 after acquiring an additional 319 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Insider Transactions at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the completion of the transaction, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at $1,934,286.66. This trade represents a 15.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.75% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Morgan Stanley lowered Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and increased their price objective for the company from $45.00 to $54.00 in a research note on Tuesday, July 15th. Scotiabank increased their price objective on Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a research note on Wednesday, July 9th. JPMorgan Chase & Co. increased their price objective on Freeport-McMoRan from $42.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. Citigroup increased their price objective on Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Finally, Jefferies Financial Group reissued a "buy" rating and set a $50.00 price objective (up previously from $48.00) on shares of Freeport-McMoRan in a research note on Friday, April 25th. Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $51.00.

Read Our Latest Report on Freeport-McMoRan

Freeport-McMoRan Trading Down 0.5%

FCX stock traded down $0.20 on Friday, reaching $40.04. The company's stock had a trading volume of 15,583,627 shares, compared to its average volume of 20,279,356. The business has a fifty day simple moving average of $42.72 and a two-hundred day simple moving average of $39.05. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The firm has a market cap of $57.54 billion, a PE ratio of 30.33, a PEG ratio of 0.73 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%. The company had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. During the same quarter last year, the firm posted $0.46 earnings per share. The firm's revenue was up 14.5% on a year-over-year basis. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. Freeport-McMoRan's dividend payout ratio (DPR) is currently 22.73%.

Freeport-McMoRan Company Profile

(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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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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