Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Community Bank N.A.

Community Bank N.A. increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 18.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,571 shares of the natural resource company's stock after purchasing an additional 6,188 shares during the quarter. Community Bank N.A.'s holdings in Freeport-McMoRan were worth $1,498,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the company. State of Alaska Department of Revenue increased its stake in Freeport-McMoRan by 2.8% during the first quarter. State of Alaska Department of Revenue now owns 168,375 shares of the natural resource company's stock worth $6,374,000 after acquiring an additional 4,555 shares during the last quarter. CWA Asset Management Group LLC grew its stake in Freeport-McMoRan by 3.7% in the first quarter. CWA Asset Management Group LLC now owns 14,038 shares of the natural resource company's stock worth $531,000 after purchasing an additional 507 shares in the last quarter. Kingswood Wealth Advisors LLC increased its holdings in shares of Freeport-McMoRan by 1.0% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 33,307 shares of the natural resource company's stock valued at $1,261,000 after acquiring an additional 327 shares during the last quarter. Clarius Group LLC raised its holdings in shares of Freeport-McMoRan by 48.9% during the first quarter. Clarius Group LLC now owns 13,140 shares of the natural resource company's stock worth $497,000 after purchasing an additional 4,317 shares during the period. Finally, Inscription Capital LLC acquired a new stake in Freeport-McMoRan during the first quarter worth about $271,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Hsbc Global Res upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Jefferies Financial Group reissued a "buy" rating and issued a $50.00 price objective (up from $48.00) on shares of Freeport-McMoRan in a report on Friday, April 25th. Wolfe Research raised Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 target price on the stock in a research note on Wednesday, April 16th. Dbs Bank upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Finally, Scotiabank raised Freeport-McMoRan from a "sector perform" rating to a "sector outperform" rating and raised their price target for the company from $43.00 to $48.00 in a report on Monday. Four analysts have rated the stock with a hold rating, nine have given a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $48.27.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $41.39 on Wednesday. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $52.61. The company has a current ratio of 2.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.30. The firm has a 50-day moving average of $37.80 and a two-hundred day moving average of $38.21. The company has a market capitalization of $59.48 billion, a price-to-earnings ratio of 34.21, a PEG ratio of 0.83 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.23 by $0.01. The business had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. The business's revenue for the quarter was down 9.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.32 EPS. As a group, analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend was Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio is presently 24.79%.

Insider Buying and Selling

In related news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the transaction, the chief accounting officer now owns 48,333 shares of the company's stock, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.79% of the company's stock.

Freeport-McMoRan 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.

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