Choreo LLC Takes $210,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

Choreo LLC purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 4,932 shares of the natural resource company’s stock, valued at approximately $210,000.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Freeport-McMoRan by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock worth $4,451,285,000 after acquiring an additional 305,912 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Freeport-McMoRan by 4.2% in the 3rd quarter. Northern Trust Corp now owns 17,756,034 shares of the natural resource company’s stock worth $662,123,000 after acquiring an additional 709,114 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Freeport-McMoRan by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock worth $279,977,000 after acquiring an additional 102,466 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Freeport-McMoRan by 18.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 6,393,868 shares of the natural resource company’s stock valued at $238,427,000 after buying an additional 986,703 shares in the last quarter. Finally, Alphinity Investment Management Pty Ltd grew its holdings in shares of Freeport-McMoRan by 15.6% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 6,232,130 shares of the natural resource company’s stock valued at $265,302,000 after buying an additional 840,900 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Freeport-McMoRan

In other news, VP Douglas N. Currault II sold 55,000 shares of Freeport-McMoRan stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $51.99, for a total value of $2,859,450.00. Following the transaction, the vice president now directly owns 164,067 shares in the company, valued at $8,529,843.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Stephen T. Higgins sold 42,767 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the transaction, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,255,381.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Douglas N. Currault II sold 55,000 shares of the business’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 $8,529,843.33. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 310,896 shares of company stock worth $15,811,399. Company insiders own 0.78% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $50.45 on Friday. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $52.52. The business has a 50-day moving average of $45.86 and a two-hundred day moving average of $40.87. The stock has a market capitalization of $72.37 billion, a P/E ratio of 44.65, a P/E/G ratio of 7.92 and a beta of 2.02. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The company had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter in the previous year, the firm earned $0.52 earnings per share. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. On average, equities research analysts predict that Freeport-McMoRan Inc. will post 1.66 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders 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 dividend yield of 1.19%. Freeport-McMoRan’s payout ratio is presently 26.55%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on FCX shares. Scotiabank lowered their price target on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating on the stock in a report on Wednesday, April 24th. HSBC lifted their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a report on Tuesday, April 23rd. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a report on Tuesday, April 9th. Argus lifted their price objective on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. Finally, Raymond James lifted their price objective on Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a research report on Wednesday, April 24th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.07.

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.