Shrier Wealth Management LLC Buys Shares of 27,957 Freeport-McMoRan Inc. $FCX

Shrier Wealth Management LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, Holdings Channel.com reports. The fund bought 27,957 shares of the natural resource company’s stock, valued at approximately $1,420,000.

Several other hedge funds also recently bought and sold shares of FCX. Iowa State Bank grew its holdings in shares of Freeport-McMoRan by 0.4% in the 4th quarter. Iowa State Bank now owns 49,059 shares of the natural resource company’s stock valued at $2,492,000 after buying an additional 213 shares during the period. Armstrong Advisory Group Inc. increased its position in shares of Freeport-McMoRan by 17.3% in the 4th quarter. Armstrong Advisory Group Inc. now owns 1,628 shares of the natural resource company’s stock valued at $83,000 after buying an additional 240 shares in the last quarter. Hollencrest Capital Management raised its stake in Freeport-McMoRan by 0.6% during the 2nd quarter. Hollencrest Capital Management now owns 45,133 shares of the natural resource company’s stock worth $1,957,000 after buying an additional 250 shares during the period. Benjamin Edwards Inc. raised its stake in Freeport-McMoRan by 0.6% during the 3rd quarter. Benjamin Edwards Inc. now owns 45,095 shares of the natural resource company’s stock worth $1,769,000 after buying an additional 250 shares during the period. Finally, CoreCap Advisors LLC lifted its holdings in Freeport-McMoRan by 10.8% during the fourth quarter. CoreCap Advisors LLC now owns 2,571 shares of the natural resource company’s stock worth $131,000 after acquiring an additional 250 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Stifel Nicolaus raised their price target on Freeport-McMoRan from $52.00 to $76.00 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. Bank of America lifted their price objective on Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Jefferies Financial Group boosted their price objective on Freeport-McMoRan from $68.00 to $76.00 and gave the company a “buy” rating in a research report on Tuesday, February 17th. Finally, Morgan Stanley set a $70.00 target price on Freeport-McMoRan in a research note on Tuesday, January 27th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $62.40.

Insider Transactions at Freeport-McMoRan

In other Freeport-McMoRan news, EVP Douglas N. Currault II sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $64.52, for a total transaction of $4,839,000.00. Following the completion of the transaction, the executive vice president owned 219,181 shares of the company’s stock, valued at $14,141,558.12. This represents a 25.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Richard C. Adkerson sold 152,960 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $64.65, for a total transaction of $9,888,864.00. Following the transaction, the chairman directly owned 3,356,159 shares of the company’s stock, valued at $216,975,679.35. This represents a 4.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 565,145 shares of company stock worth $35,839,918. Corporate insiders own 0.79% of the company’s stock.

Freeport-McMoRan Price Performance

FCX stock opened at $58.85 on Wednesday. The stock has a 50-day moving average price of $61.23 and a two-hundred day moving average price of $50.88. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $69.75. The stock has a market cap of $84.57 billion, a PE ratio of 38.97, a price-to-earnings-growth ratio of 0.64 and a beta of 1.41. The company has a current ratio of 2.29, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.19. The company had revenue of $5.63 billion for the quarter, compared to analyst estimates of $5.42 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The company’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.31 earnings per share. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 1st. Investors of record on Wednesday, April 15th will be given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 19.87%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.