Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Advisory Services Network LLC

Advisory Services Network LLC reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 14.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 74,308 shares of the natural resource company’s stock after selling 12,307 shares during the period. Advisory Services Network LLC’s holdings in Freeport-McMoRan were worth $3,163,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FCX. Bernstein Bank raised their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research note on Tuesday, April 23rd. Raymond James raised their target price on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. Argus upped their price target on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. UBS Group lifted their price target on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a report on Tuesday, May 14th. Finally, StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.00.

Get Our Latest Research Report on FCX

Freeport-McMoRan Trading Up 0.6 %

Shares of FCX opened at $51.53 on Monday. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The stock’s 50-day moving average is $49.64 and its two-hundred day moving average is $42.81. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. The stock has a market cap of $73.92 billion, a PE ratio of 45.60, a P/E/G ratio of 2.73 and a beta of 2.02.

Freeport-McMoRan (NYSE:FCXGet Free Report) last announced its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, beating 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 company’s revenue was up 17.3% on a year-over-year basis. During the same period last year, the business posted $0.52 EPS. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.66 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th were given 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 dividend yield of 1.16%. Freeport-McMoRan’s payout ratio is currently 26.55%.

Insider Activity

In related news, CAO Stephen T. Higgins sold 42,767 shares of Freeport-McMoRan stock in a transaction on 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 owns 104,377 shares of the company’s stock, valued at approximately $5,255,381.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 43,900 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $51.08, for a total value of $2,242,412.00. Following the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at approximately $5,331,577.16. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Stephen T. Higgins sold 42,767 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,255,381.95. The disclosure for this sale can be found here. Over the last three months, insiders sold 445,667 shares of company stock worth $22,755,070. 0.79% of the stock is currently owned by company insiders.

Freeport-McMoRan Company 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.

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

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