Atria Investments LLC increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) by 38.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 95,472 shares of the natural resource company’s stock after acquiring an additional 26,625 shares during the period. Atria Investments LLC’s holdings in Freeport-McMoRan were worth $2,609,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Mattern Wealth Management LLC grew its holdings in Freeport-McMoRan by 9.7% during the third quarter. Mattern Wealth Management LLC now owns 19,718 shares of the natural resource company’s stock worth $539,000 after acquiring an additional 1,750 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in Freeport-McMoRan by 8.3% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 916,434 shares of the natural resource company’s stock worth $25,046,000 after purchasing an additional 70,006 shares in the last quarter. Pinnacle Associates Ltd. boosted its position in Freeport-McMoRan by 0.8% during the third quarter. Pinnacle Associates Ltd. now owns 193,144 shares of the natural resource company’s stock worth $5,279,000 after purchasing an additional 1,562 shares in the last quarter. Patriot Financial Group Insurance Agency LLC boosted its position in Freeport-McMoRan by 0.8% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 51,538 shares of the natural resource company’s stock worth $1,409,000 after purchasing an additional 401 shares in the last quarter. Finally, J.W. Cole Advisors Inc. boosted its position in Freeport-McMoRan by 2.6% during the third quarter. J.W. Cole Advisors Inc. now owns 29,243 shares of the natural resource company’s stock worth $799,000 after purchasing an additional 746 shares in the last quarter. 77.12% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of brokerages have issued reports on FCX. Barclays lowered their price target on Freeport-McMoRan to $23.00 in a research report on Thursday, October 20th. The Goldman Sachs Group decreased their target price on Freeport-McMoRan from $45.00 to $39.00 and set a “buy” rating on the stock in a research report on Thursday, October 13th. TheStreet downgraded Freeport-McMoRan from a “b-” rating to a “c” rating in a research report on Thursday, October 20th. Raymond James raised their target price on Freeport-McMoRan from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Thursday, January 5th. Finally, Citigroup raised their target price on Freeport-McMoRan from $29.00 to $44.00 in a research report on Wednesday, January 11th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, Freeport-McMoRan currently has an average rating of “Hold” and an average target price of $39.73.
Freeport-McMoRan Trading Down 0.1 %
Freeport-McMoRan (NYSE:FCX – Get Rating) last released its earnings results on Thursday, October 20th. The natural resource company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.08). Freeport-McMoRan had a return on equity of 17.69% and a net margin of 16.72%. The company had revenue of $5 billion for the quarter, compared to analyst estimates of $4.91 billion. During the same period in the previous year, the firm earned $0.89 earnings per share. The company’s revenue for the quarter was down 17.8% compared to the same quarter last year. Sell-side analysts expect that Freeport-McMoRan Inc. will post 2.3 earnings per share for the current fiscal year.
Freeport-McMoRan Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 1st. Shareholders of record on Friday, January 13th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date is Thursday, January 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is 11.41%.
Insiders Place Their Bets
In other Freeport-McMoRan news, VP Douglas N. Currault II sold 75,000 shares of Freeport-McMoRan stock in a transaction dated Friday, December 2nd. The stock was sold at an average price of $40.25, for a total transaction of $3,018,750.00. Following the completion of the sale, the vice president now directly owns 136,432 shares of the company’s stock, valued at approximately $5,491,388. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.72% of the stock is owned by company insiders.
Freeport-McMoRan Company Profile
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
- Get a free copy of the StockNews.com research report on Freeport-McMoRan (FCX)
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