Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by US Bancorp DE

US Bancorp DE boosted its position in Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 15.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 178,251 shares of the natural resource company’s stock after purchasing an additional 24,282 shares during the quarter. US Bancorp DE’s holdings in Freeport-McMoRan were worth $7,588,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Dai ichi Life Insurance Company Ltd increased its stake in shares of Freeport-McMoRan by 37.8% in the 4th quarter. Dai ichi Life Insurance Company Ltd now owns 119,921 shares of the natural resource company’s stock worth $5,105,000 after acquiring an additional 32,887 shares during the last quarter. Journey Strategic Wealth LLC increased its stake in shares of Freeport-McMoRan by 4.8% in the 4th quarter. Journey Strategic Wealth LLC now owns 6,500 shares of the natural resource company’s stock worth $277,000 after acquiring an additional 295 shares during the last quarter. Western Pacific Wealth Management LP increased its stake in shares of Freeport-McMoRan by 49.1% in the 4th quarter. Western Pacific Wealth Management LP now owns 1,299 shares of the natural resource company’s stock worth $55,000 after acquiring an additional 428 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Freeport-McMoRan by 29.0% in the 4th quarter. Franklin Resources Inc. now owns 5,041,275 shares of the natural resource company’s stock worth $214,607,000 after acquiring an additional 1,133,551 shares during the last quarter. Finally, Assetmark Inc. increased its stake in shares of Freeport-McMoRan by 71.3% in the 4th quarter. Assetmark Inc. now owns 1,555 shares of the natural resource company’s stock worth $66,000 after acquiring an additional 647 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Raymond James increased their price target on Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday, April 24th. Argus increased their price target on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. Scotiabank lowered their price target on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating for the company in a report on Wednesday, April 24th. UBS Group increased their price target on Freeport-McMoRan from $41.00 to $54.00 and gave the stock a “neutral” rating in a report on Tuesday, May 14th. Finally, Bernstein Bank increased their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday, April 23rd. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.00.

Check Out Our Latest Research Report on Freeport-McMoRan

Insider Buying and Selling

In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $8,529,843.33. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related 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 owns 164,067 shares in the company, valued at $8,529,843.33. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Stephen T. Higgins sold 80,000 shares of the stock in a transaction on Monday, May 13th. The shares were sold at an average price of $52.03, for a total value of $4,162,400.00. Following the completion of the transaction, the chief accounting officer now directly owns 104,377 shares in the company, valued at approximately $5,430,735.31. The disclosure for this sale can be found here. Insiders sold 445,667 shares of company stock worth $22,755,070 over the last 90 days. 0.79% of the stock is owned by insiders.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $51.53 on Tuesday. The business has a 50-day moving average of $49.78 and a 200 day moving average of $42.94. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The stock has a market capitalization of $73.92 billion, a price-to-earnings ratio of 45.60, a price-to-earnings-growth ratio of 2.73 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:FCXGet Free Report) last announced its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. Freeport-McMoRan’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period last year, the business posted $0.52 EPS. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.66 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were issued a $0.15 dividend. The ex-dividend date of this dividend was Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.16%. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

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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