Cary Street Partners Investment Advisory LLC Boosts Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Cary Street Partners Investment Advisory LLC raised its position in Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 855.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 6,164 shares of the natural resource company’s stock after acquiring an additional 5,519 shares during the period. Cary Street Partners Investment Advisory LLC’s holdings in Freeport-McMoRan were worth $257,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Bruce G. Allen Investments LLC purchased a new stake in shares of Freeport-McMoRan during the 4th quarter worth approximately $27,000. EdgeRock Capital LLC purchased a new position in shares of Freeport-McMoRan in the fourth quarter valued at $35,000. Webster Bank N. A. grew its stake in Freeport-McMoRan by 6,469.2% in the 4th quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock valued at $36,000 after acquiring an additional 841 shares during the last quarter. CVA Family Office LLC acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth $38,000. Finally, Orion Capital Management LLC acquired a new position in Freeport-McMoRan in the third quarter valued at $40,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 0.2 %

Shares of FCX opened at $53.61 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $54.09. The stock has a 50-day moving average price of $48.08 and a 200 day moving average price of $41.85. The company has a market capitalization of $76.90 billion, a P/E ratio of 47.44, a P/E/G ratio of 8.46 and a beta of 2.02.

Freeport-McMoRan (NYSE:FCXGet Free Report) last issued its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The firm had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period last year, the company earned $0.52 earnings per share. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.66 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were given a $0.15 dividend. The ex-dividend date was Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.12%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Insiders Place Their Bets

In other news, CAO Stephen T. Higgins sold 80,000 shares of Freeport-McMoRan stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,430,735.31. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CAO Stephen T. Higgins sold 80,000 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $52.03, for a total value of $4,162,400.00. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,430,735.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Stephen T. Higgins sold 42,767 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at approximately $5,255,381.95. The disclosure for this sale can be found here. In the last 90 days, insiders sold 445,667 shares of company stock worth $22,755,070. Insiders own 0.78% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on FCX. UBS Group lifted their price target on Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a report on Tuesday. JPMorgan Chase & Co. cut their price target on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 24th. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a research note on Tuesday, April 9th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 target price on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Finally, Argus boosted their price target on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average target price of $51.00.

Get Our Latest Report on Freeport-McMoRan

Freeport-McMoRan 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.

Further Reading

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

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