Freeport-McMoRan Inc. $FCX Shares Purchased by Florida Trust Wealth Management Co

Florida Trust Wealth Management Co raised its position in Freeport-McMoRan Inc. (NYSE:FCX) by 65.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 177,766 shares of the natural resource company’s stock after buying an additional 70,464 shares during the period. Florida Trust Wealth Management Co’s holdings in Freeport-McMoRan were worth $9,029,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Steigerwald Gordon & Koch Inc. acquired a new position in shares of Freeport-McMoRan in the third quarter worth about $25,000. Twin Peaks Wealth Advisors LLC purchased a new position in Freeport-McMoRan in the second quarter valued at about $28,000. Salomon & Ludwin LLC grew its stake in Freeport-McMoRan by 1,962.9% during the 3rd quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 687 shares in the last quarter. JPL Wealth Management LLC purchased a new stake in Freeport-McMoRan during the 3rd quarter worth approximately $33,000. Finally, YANKCOM Partnership increased its holdings in Freeport-McMoRan by 83.3% during the 4th quarter. YANKCOM Partnership now owns 869 shares of the natural resource company’s stock worth $44,000 after purchasing an additional 395 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Down 0.1%

NYSE:FCX opened at $61.32 on Friday. The company has a market cap of $88.13 billion, a PE ratio of 40.61, a P/E/G ratio of 0.72 and a beta of 1.48. The business’s 50 day moving average is $61.31 and its two-hundred day moving average is $51.18. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $69.75.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.19. The business had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $5.42 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The business’s quarterly revenue was down 1.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.31 EPS. On average, analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th will be paid a dividend of $0.075 per share. The ex-dividend date is Wednesday, April 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s payout ratio is presently 19.87%.

Insider Activity at Freeport-McMoRan

In other news, Chairman Richard C. Adkerson sold 152,960 shares of Freeport-McMoRan stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $64.65, for a total value of $9,888,864.00. Following the completion of the transaction, the chairman directly owned 3,356,159 shares of the company’s stock, valued at approximately $216,975,679.35. The trade was a 4.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Stephen T. Higgins sold 29,654 shares of the business’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $63.00, for a total transaction of $1,868,202.00. Following the sale, the chief accounting officer directly owned 76,445 shares of the company’s stock, valued at approximately $4,816,035. This represents a 27.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 565,145 shares of company stock valued at $35,839,918 in the last ninety days. 0.75% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FCX. BNP Paribas Exane increased their target price on Freeport-McMoRan from $56.00 to $75.00 and gave the company an “outperform” rating in a research note on Thursday, February 12th. Scotiabank lifted their price target on shares of Freeport-McMoRan from $70.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, February 19th. Freedom Capital raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Saturday, February 21st. Raymond James Financial increased their price objective on shares of Freeport-McMoRan from $53.00 to $66.00 and gave the company an “outperform” rating in a research note on Thursday, January 15th. Finally, Argus raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Friday, February 13th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus target price of $62.75.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.