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Douglas Lane & Associates LLC Acquires 92,338 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Freeport-McMoRan logo with Basic Materials background

Douglas Lane & Associates LLC increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 6.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,441,084 shares of the natural resource company's stock after buying an additional 92,338 shares during the period. Douglas Lane & Associates LLC owned 0.10% of Freeport-McMoRan worth $67,760,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Envestnet Portfolio Solutions Inc. bought a new position in shares of Freeport-McMoRan during the 3rd quarter worth approximately $2,224,000. Envestnet Asset Management Inc. increased its position in shares of Freeport-McMoRan by 39.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 1,095,378 shares of the natural resource company's stock worth $40,847,000 after purchasing an additional 311,036 shares in the last quarter. V Square Quantitative Management LLC boosted its position in Freeport-McMoRan by 1,589.2% in the third quarter. V Square Quantitative Management LLC now owns 5,321 shares of the natural resource company's stock valued at $198,000 after buying an additional 5,006 shares in the last quarter. Dark Forest Capital Management LP grew its stake in Freeport-McMoRan by 52.6% during the third quarter. Dark Forest Capital Management LP now owns 33,340 shares of the natural resource company's stock worth $1,243,000 after buying an additional 11,489 shares during the last quarter. Finally, LPL Financial LLC increased its holdings in shares of Freeport-McMoRan by 3.0% during the third quarter. LPL Financial LLC now owns 1,024,341 shares of the natural resource company's stock worth $38,198,000 after buying an additional 29,900 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.


Insiders Place Their Bets

In other news, VP Douglas N. Currault II sold 55,000 shares of the company's stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $51.99, for a total value of $2,859,450.00. Following the completion of the transaction, the vice president now owns 164,067 shares in the company, valued at $8,529,843.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of the business's stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $50.35, for a total value of $2,153,318.45. Following the sale, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,255,381.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Douglas N. Currault II sold 55,000 shares of the firm's stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the transaction, the vice president now directly owns 164,067 shares of the company's stock, valued at $8,529,843.33. The disclosure for this sale can be found here. In the last three months, insiders have sold 445,667 shares of company stock worth $22,755,070. Company insiders own 0.79% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on FCX shares. Scotiabank boosted their target price on Freeport-McMoRan from $53.00 to $60.00 and gave the stock a "sector outperform" rating in a report on Thursday, May 30th. Morgan Stanley upgraded Freeport-McMoRan from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $49.50 to $62.00 in a report on Friday. Deutsche Bank Aktiengesellschaft lifted their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the company a "hold" rating in a report on Monday, June 10th. StockNews.com raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Thursday, April 25th. Finally, UBS Group boosted their target price on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 14th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $52.93.

View Our Latest Analysis on Freeport-McMoRan

Freeport-McMoRan Trading Up 0.4 %

NYSE:FCX traded up $0.20 during trading hours on Friday, hitting $49.56. The stock had a trading volume of 19,076,620 shares, compared to its average volume of 11,505,075. The business's 50 day moving average is $50.62 and its 200-day moving average is $44.76. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35. The company has a market cap of $71.19 billion, a price-to-earnings ratio of 43.86, a P/E/G ratio of 2.15 and a beta of 1.96. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. The business had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The firm's revenue was up 17.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.52 EPS. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.71 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a yield of 1.21%. Freeport-McMoRan's payout ratio is 26.55%.

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

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