Wallace Advisory Group LLC Boosts Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Wallace Advisory Group LLC raised its stake in Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 7.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,068 shares of the natural resource company’s stock after acquiring an additional 732 shares during the quarter. Wallace Advisory Group LLC’s holdings in Freeport-McMoRan were worth $520,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Gilman Hill Asset Management LLC lifted its holdings in Freeport-McMoRan by 0.5% during the first quarter. Gilman Hill Asset Management LLC now owns 129,299 shares of the natural resource company’s stock valued at $6,080,000 after purchasing an additional 589 shares during the last quarter. Riverview Trust Co bought a new position in Freeport-McMoRan in the 1st quarter worth approximately $119,000. Annex Advisory Services LLC boosted its holdings in Freeport-McMoRan by 16.2% in the 1st quarter. Annex Advisory Services LLC now owns 563,489 shares of the natural resource company’s stock worth $26,495,000 after buying an additional 78,375 shares during the period. Wealth Management Partners LLC raised its holdings in Freeport-McMoRan by 14.0% during the 1st quarter. Wealth Management Partners LLC now owns 17,075 shares of the natural resource company’s stock valued at $803,000 after acquiring an additional 2,100 shares during the period. Finally, Perkins Coie Trust Co lifted its position in shares of Freeport-McMoRan by 2.8% during the first quarter. Perkins Coie Trust Co now owns 39,770 shares of the natural resource company’s stock worth $1,870,000 after acquiring an additional 1,084 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Trading Down 1.0 %

Shares of NYSE:FCX traded down $0.50 during midday trading on Tuesday, hitting $49.88. 6,001,646 shares of the stock traded hands, compared to its average volume of 14,191,279. The company has a quick ratio of 1.41, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. The business’s 50 day moving average is $50.63 and its two-hundred day moving average is $44.86. The stock has a market capitalization of $71.65 billion, a PE ratio of 44.58, a P/E/G ratio of 2.15 and a beta of 1.96. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCXGet Free Report) last released its quarterly earnings data 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 business had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter last year, the business posted $0.52 EPS. The business’s revenue was up 17.3% on a year-over-year basis. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.72 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared 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 annualized dividend and a dividend yield of 1.20%. Freeport-McMoRan’s payout ratio is currently 26.55%.

Analysts Set New Price Targets

A number of analysts recently issued reports on FCX shares. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective on the stock in a research note on Tuesday, April 9th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a report on Monday, June 10th. HSBC boosted their price objective on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday, April 23rd. Bernstein Bank increased their target price on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research note on Tuesday, April 23rd. Finally, StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Thursday, April 25th. Five analysts have rated the stock with a hold rating and eleven have assigned 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 price target of $52.93.

Check Out Our Latest Stock Analysis on FCX

Insider Activity at Freeport-McMoRan

In related news, VP Douglas N. Currault II sold 55,000 shares of the company’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $51.99, for a total value of $2,859,450.00. Following the transaction, the vice president now owns 164,067 shares in the company, valued at approximately $8,529,843.33. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Richard C. Adkerson sold 169,229 shares of the business’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $50.56, for a total value of $8,556,218.24. Following the completion of the transaction, the chief executive officer now owns 3,707,249 shares in the company, valued at $187,438,509.44. The transaction was disclosed in a document filed 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 stock in a transaction on Monday, April 29th. The shares were sold at an average price of $51.99, for a total value of $2,859,450.00. Following the sale, the vice president now directly owns 164,067 shares in the company, valued at $8,529,843.33. The disclosure for this sale can be found here. Insiders sold a total of 445,667 shares of company stock valued at $22,755,070 in the last 90 days. Corporate insiders own 0.79% of the company’s stock.

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.

See Also

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

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