First Trust Direct Indexing L.P. Has $1.98 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

First Trust Direct Indexing L.P. boosted its position in shares of Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 12.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 42,003 shares of the natural resource company’s stock after acquiring an additional 4,628 shares during the period. First Trust Direct Indexing L.P.’s holdings in Freeport-McMoRan were worth $1,975,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Freeport-McMoRan by 0.3% during the third quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock valued at $4,451,285,000 after purchasing an additional 305,912 shares during the period. Capital Research Global Investors raised its stake in shares of Freeport-McMoRan by 0.7% in the 4th quarter. Capital Research Global Investors now owns 59,752,726 shares of the natural resource company’s stock valued at $2,543,676,000 after buying an additional 419,603 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Freeport-McMoRan by 1.9% during the 4th quarter. Fisher Asset Management LLC now owns 55,710,695 shares of the natural resource company’s stock worth $2,371,604,000 after acquiring an additional 1,030,451 shares during the period. Putnam Investments LLC boosted its position in shares of Freeport-McMoRan by 3.7% during the 4th quarter. Putnam Investments LLC now owns 16,647,339 shares of the natural resource company’s stock valued at $708,677,000 after acquiring an additional 595,395 shares in the last quarter. Finally, Capital World Investors increased its stake in Freeport-McMoRan by 5.8% in the fourth quarter. Capital World Investors now owns 10,758,947 shares of the natural resource company’s stock valued at $458,008,000 after acquiring an additional 592,151 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Insider Transactions at Freeport-McMoRan

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

Wall Street Analyst Weigh In

FCX has been the topic of a number of recent research reports. Scotiabank lifted their price objective on Freeport-McMoRan from $53.00 to $60.00 and gave the company a “sector outperform” rating in a report on Thursday, May 30th. JPMorgan Chase & Co. cut their price objective on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a report on Wednesday, April 24th. UBS Group lifted their target price on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a research note on Tuesday, May 14th. Argus increased their price target on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Finally, Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $49.50 to $62.00 in a research report on Friday, June 21st. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus price target of $52.93.

View Our Latest Report on FCX

Freeport-McMoRan Trading Up 4.0 %

FCX opened at $50.65 on Friday. The firm has a 50 day simple moving average of $50.65 and a 200 day simple moving average of $45.34. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The company has a market cap of $72.76 billion, a price-to-earnings ratio of 44.82, a price-to-earnings-growth ratio of 2.05 and a beta of 1.92. 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 issued its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. 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 company posted $0.52 EPS. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.74 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date is Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 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

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

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