Belpointe Asset Management LLC grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 38.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,891 shares of the natural resource company’s stock after purchasing an additional 4,703 shares during the quarter. Belpointe Asset Management LLC’s holdings in Freeport-McMoRan were worth $719,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Bruce G. Allen Investments LLC purchased a new stake in Freeport-McMoRan in the 4th quarter worth $27,000. Jones Financial Companies Lllp increased its holdings in Freeport-McMoRan by 422.2% in the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after acquiring an additional 532 shares in the last quarter. Webster Bank N. A. increased its holdings 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 worth $36,000 after acquiring an additional 841 shares in the last quarter. EdgeRock Capital LLC purchased a new stake in Freeport-McMoRan in the 4th quarter worth $35,000. Finally, CVA Family Office LLC purchased a new stake in Freeport-McMoRan in the 4th quarter worth $38,000. 80.77% of the stock is owned by hedge funds and other institutional investors.
Freeport-McMoRan Trading Up 1.6 %
Shares of FCX stock opened at $50.49 on Thursday. The company’s 50-day moving average price is $50.61 and its 200-day moving average price is $43.67. The company has a current ratio of 2.35, a quick ratio of 1.41 and a debt-to-equity ratio of 0.31. The stock has a market cap of $72.42 billion, a price-to-earnings ratio of 44.68, a PEG ratio of 2.63 and a beta of 1.96. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.05. The firm had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. Freeport-McMoRan’s revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.52 EPS. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.66 earnings per share for the current year.
Freeport-McMoRan Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were issued a $0.15 dividend. The ex-dividend date was Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.19%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 26.55%.
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on FCX shares. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a report on Tuesday, April 9th. HSBC lifted their target price on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research note on Tuesday, April 23rd. Raymond James lifted their target price on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 24th. StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Finally, JPMorgan Chase & Co. lowered their target price 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. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average target price of $51.50.
Insider Activity at Freeport-McMoRan
In related news, CAO Stephen T. Higgins sold 42,767 shares of the business’s stock in a transaction dated 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 sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at approximately $5,255,381.95. The sale was disclosed in a legal filing with the SEC, 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 dated Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,255,381.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Douglas N. Currault II sold 55,000 shares of the business’s stock in a transaction dated 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 sale, the vice president now owns 164,067 shares in the company, valued at $8,529,843.33. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 445,667 shares of company stock worth $22,755,070. Company insiders own 0.79% of the company’s stock.
About Freeport-McMoRan
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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