Parkside Financial Bank & Trust Acquires 3,342 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Parkside Financial Bank & Trust boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 63.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 8,644 shares of the natural resource company’s stock after buying an additional 3,342 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Freeport-McMoRan were worth $368,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Bruce G. Allen Investments LLC purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth about $27,000. BluePath Capital Management LLC acquired a new stake in shares of Freeport-McMoRan during the third quarter worth about $28,000. Webster Bank N. A. lifted its stake in shares of 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 during the period. CVA Family Office LLC acquired a new stake in Freeport-McMoRan in the fourth quarter valued at $38,000. Finally, Orion Capital Management LLC purchased a new stake in Freeport-McMoRan during the third quarter worth $40,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on FCX shares. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Raymond James raised their target price on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research note on Thursday, January 4th. HSBC increased their price objective on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research report on Tuesday. Bernstein Bank lifted their target price on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price target on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.08.

Freeport-McMoRan Price Performance

NYSE:FCX traded down $0.57 during trading hours on Wednesday, hitting $47.42. 4,991,064 shares of the stock traded hands, compared to its average volume of 13,810,581. The stock has a 50 day moving average price of $44.02 and a 200 day moving average price of $40.14. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $52.42. The company has a market cap of $68.02 billion, a price-to-earnings ratio of 37.51, a price-to-earnings-growth ratio of 2.25 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.52 EPS. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.57 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, April 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.27%. Freeport-McMoRan’s dividend payout ratio is currently 23.62%.

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.