Alerus Financial NA Purchases Shares of 43,849 Freeport-McMoRan Inc. (NYSE:FCX)

Alerus Financial NA purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCXGet Rating) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 43,849 shares of the natural resource company’s stock, valued at approximately $2,181,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Dynamic Advisor Solutions LLC increased its position in shares of Freeport-McMoRan by 2.7% during the first quarter. Dynamic Advisor Solutions LLC now owns 32,280 shares of the natural resource company’s stock worth $1,606,000 after buying an additional 850 shares during the period. Cibc World Market Inc. increased its position in shares of Freeport-McMoRan by 21.3% during the first quarter. Cibc World Market Inc. now owns 264,655 shares of the natural resource company’s stock worth $13,164,000 after buying an additional 46,536 shares during the period. NuWave Investment Management LLC acquired a new stake in shares of Freeport-McMoRan during the first quarter worth $280,000. Minot Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan during the first quarter worth $462,000. Finally, Capital Investment Advisory Services LLC acquired a new stake in shares of Freeport-McMoRan during the first quarter worth $556,000. 77.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Credit Suisse Group decreased their price objective on shares of Freeport-McMoRan to $34.00 in a research report on Friday, July 22nd. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Freeport-McMoRan from $37.00 to $35.00 in a report on Friday, July 22nd. Morgan Stanley restated an “equal weight” rating on shares of Freeport-McMoRan in a report on Thursday, June 23rd. Clarkson Capital restated a “neutral” rating on shares of Freeport-McMoRan in a report on Tuesday, June 14th. Finally, Wolfe Research lowered shares of Freeport-McMoRan from an “outperform” rating to a “peer perform” rating in a research note on Thursday, July 7th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $42.00.

Insider Buying and Selling at Freeport-McMoRan

In related news, Director Ryan Michael Lance bought 31,000 shares of the stock in a transaction on Monday, August 29th. The shares were acquired at an average price of $31.88 per share, for a total transaction of $988,280.00. Following the purchase, the director now owns 32,132 shares of the company’s stock, valued at $1,024,368.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Sara Grootwassink Lewis acquired 3,000 shares of the business’s stock in a transaction on Wednesday, August 3rd. The stock was acquired at an average cost of $28.79 per share, with a total value of $86,370.00. Following the acquisition, the director now directly owns 13,800 shares in the company, valued at approximately $397,302. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ryan Michael Lance bought 31,000 shares of the business’s stock in a transaction that occurred on Monday, August 29th. The stock was acquired at an average cost of $31.88 per share, with a total value of $988,280.00. Following the completion of the acquisition, the director now owns 32,132 shares of the company’s stock, valued at approximately $1,024,368.16. The disclosure for this purchase can be found here. Company insiders own 0.72% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $30.62 on Friday. The stock has a market cap of $43.76 billion, a price-to-earnings ratio of 9.31, a PEG ratio of 0.34 and a beta of 2.00. The firm’s 50-day moving average is $29.32 and its 200 day moving average is $37.89. Freeport-McMoRan Inc. has a 1 year low of $24.80 and a 1 year high of $51.99. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.73 and a quick ratio of 1.94.

Freeport-McMoRan (NYSE:FCXGet Rating) last posted its earnings results on Thursday, July 21st. The natural resource company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.31). The company had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $6.20 billion. Freeport-McMoRan had a net margin of 20.08% and a return on equity of 22.04%. Freeport-McMoRan’s revenue was down 5.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.77 EPS. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 2.84 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 1st. Shareholders of record on Friday, July 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend was Thursday, July 14th. Freeport-McMoRan’s dividend payout ratio is currently 9.12%.

Freeport-McMoRan Company Profile

(Get Rating)

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino 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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