Assetmark Inc. Purchases 647 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Assetmark Inc. increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 71.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,555 shares of the natural resource company’s stock after acquiring an additional 647 shares during the period. Assetmark Inc.’s holdings in Freeport-McMoRan were worth $66,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Bruce G. Allen Investments LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter valued at about $27,000. Webster Bank N. A. grew its position in shares of Freeport-McMoRan by 6,469.2% in the 4th quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock valued at $36,000 after buying an additional 841 shares during the last quarter. EdgeRock Capital LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $35,000. CVA Family Office LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $38,000. Finally, Venturi Wealth Management LLC boosted its position in shares of Freeport-McMoRan by 122.5% during the 4th quarter. Venturi Wealth Management LLC now owns 930 shares of the natural resource company’s stock valued at $40,000 after purchasing an additional 512 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $52.72 on Friday. The company has a market cap of $75.62 billion, a PE ratio of 46.65, a price-to-earnings-growth ratio of 2.79 and a beta of 2.02. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The business has a 50 day moving average price of $50.37 and a 200-day moving average price of $43.35. The company has a quick ratio of 1.41, a current ratio of 2.35 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCXGet Free Report) last issued its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. The firm had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.52 earnings per share. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.66 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date was Friday, April 12th. Freeport-McMoRan’s payout ratio is 26.55%.

Insider Activity at Freeport-McMoRan

In related news, VP Douglas N. Currault II sold 55,000 shares of the stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the completion of the sale, the vice president now directly owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 80,000 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $52.03, for a total value of $4,162,400.00. Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at $5,430,735.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction on 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 completion of the sale, the vice president now directly owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The disclosure for this sale can be found here. Over the last three months, insiders sold 445,667 shares of company stock valued at $22,755,070. 0.79% of the stock is owned by insiders.

Wall Street Analyst Weigh In

FCX has been the topic of several research analyst reports. Argus upped their target price on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a research report on Tuesday, April 9th. Bernstein Bank upped their target price on Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research report on Tuesday, April 23rd. Scotiabank upped their target price on Freeport-McMoRan from $53.00 to $60.00 and gave the company a “sector outperform” rating in a research report on Thursday. Finally, 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. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.50.

Read Our Latest Report on FCX

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.

Further Reading

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

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