Traynor Capital Management Inc. Buys 12,245 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Traynor Capital Management Inc. boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 11.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 123,765 shares of the natural resource company’s stock after purchasing an additional 12,245 shares during the period. Traynor Capital Management Inc.’s holdings in Freeport-McMoRan were worth $5,819,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Belpointe Asset Management LLC lifted its stake in shares of Freeport-McMoRan by 38.6% in the 4th quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock valued at $719,000 after acquiring an additional 4,703 shares during the last quarter. Fisher Asset Management LLC lifted its stake in shares of Freeport-McMoRan by 1.8% in the 4th quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock valued at $2,369,312,000 after acquiring an additional 976,592 shares during the last quarter. Oaktree Capital Management LP lifted its stake in shares of Freeport-McMoRan by 7.8% in the 4th quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock valued at $124,216,000 after acquiring an additional 211,608 shares during the last quarter. Signature Estate & Investment Advisors LLC lifted its stake in shares of Freeport-McMoRan by 6.4% in the 4th quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock valued at $14,726,000 after acquiring an additional 20,894 shares during the last quarter. Finally, Cadinha & Co. LLC increased its holdings in Freeport-McMoRan by 59.0% in the fourth quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock valued at $27,572,000 after purchasing an additional 240,340 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Insider Activity at Freeport-McMoRan

In other news, VP Douglas N. Currault II sold 55,000 shares of the business’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the completion of the transaction, the vice president now directly owns 164,067 shares in the company, valued at approximately $8,529,843.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Richard C. Adkerson sold 169,229 shares of Freeport-McMoRan stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $50.56, for a total transaction of $8,556,218.24. Following the completion of the sale, the chief executive officer now directly owns 3,707,249 shares of the company’s stock, valued at approximately $187,438,509.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Douglas N. Currault II sold 55,000 shares of Freeport-McMoRan stock in a transaction on 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 directly owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The disclosure for this sale can be found here. In the last ninety days, insiders sold 445,667 shares of company stock worth $22,755,070. Corporate insiders own 0.79% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX stock traded up $0.95 during trading hours on Monday, hitting $50.51. 8,258,442 shares of the company were exchanged, compared to its average volume of 14,233,784. The firm has a fifty day simple moving average of $50.62 and a 200 day simple moving average of $44.76. The company has a current ratio of 2.35, a quick ratio of 1.41 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. The stock has a market capitalization of $72.56 billion, a price-to-earnings ratio of 43.86, a P/E/G ratio of 2.15 and a beta of 1.96.

Freeport-McMoRan (NYSE:FCXGet Free Report) last issued its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The company had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same quarter last year, the business posted $0.52 EPS. Freeport-McMoRan’s quarterly revenue was up 17.3% compared to the same quarter last year. Research analysts predict that Freeport-McMoRan Inc. will post 1.71 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were paid a $0.15 dividend. The ex-dividend date was Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a yield of 1.19%. Freeport-McMoRan’s dividend payout ratio is 26.55%.

Analyst Ratings Changes

A number of analysts recently weighed in on FCX shares. Argus increased their price objective on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, April 25th. JPMorgan Chase & Co. decreased their price objective on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a report on Wednesday, April 24th. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. Deutsche Bank Aktiengesellschaft increased their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a report on Monday, June 10th. Finally, Bank of America upgraded 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. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $52.93.

View Our Latest Analysis on FCX

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.

Further Reading

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

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