Freeport-McMoRan Inc. $FCX Position Boosted by Drummond Knight Asset Management Pty Ltd

Drummond Knight Asset Management Pty Ltd raised its position in Freeport-McMoRan Inc. (NYSE:FCX) by 38.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,313,952 shares of the natural resource company’s stock after purchasing an additional 363,952 shares during the quarter. Freeport-McMoRan accounts for approximately 18.7% of Drummond Knight Asset Management Pty Ltd’s portfolio, making the stock its largest holding. Drummond Knight Asset Management Pty Ltd owned about 0.09% of Freeport-McMoRan worth $66,736,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Leo Wealth LLC raised its holdings in shares of Freeport-McMoRan by 2.5% in the 4th quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock worth $347,000 after purchasing an additional 170 shares during the period. Iowa State Bank raised its holdings in shares of Freeport-McMoRan by 0.4% in the 4th quarter. Iowa State Bank now owns 49,059 shares of the natural resource company’s stock worth $2,492,000 after purchasing an additional 213 shares during the period. Armstrong Advisory Group Inc. raised its holdings in shares of Freeport-McMoRan by 17.3% in the 4th quarter. Armstrong Advisory Group Inc. now owns 1,628 shares of the natural resource company’s stock worth $83,000 after purchasing an additional 240 shares during the period. Hollencrest Capital Management raised its holdings in shares of Freeport-McMoRan by 0.6% in the 2nd quarter. Hollencrest Capital Management now owns 45,133 shares of the natural resource company’s stock worth $1,957,000 after purchasing an additional 250 shares during the period. Finally, Benjamin Edwards Inc. raised its holdings in shares of Freeport-McMoRan by 0.6% in the 3rd quarter. Benjamin Edwards Inc. now owns 45,095 shares of the natural resource company’s stock worth $1,769,000 after purchasing an additional 250 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on FCX shares. Jefferies Financial Group raised their target price on Freeport-McMoRan from $68.00 to $76.00 and gave the company a “buy” rating in a report on Tuesday, February 17th. Scotiabank raised their target price on Freeport-McMoRan from $70.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, February 19th. HSBC raised their target price on Freeport-McMoRan from $48.00 to $69.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Wall Street Zen downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. Finally, UBS Group dropped their target price on Freeport-McMoRan from $70.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, March 27th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $62.75.

Freeport-McMoRan Price Performance

FCX stock opened at $61.05 on Tuesday. 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. The stock’s 50 day moving average is $61.31 and its two-hundred day moving average is $51.33. The company has a market capitalization of $87.74 billion, a PE ratio of 40.43, a P/E/G ratio of 0.72 and a beta of 1.48.

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

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th will be issued 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 currently 19.87%.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 11,000 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total transaction of $682,330.00. Following the sale, the chief accounting officer directly owned 40,773 shares in the company, valued at $2,529,149.19. The trade was a 21.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard C. Adkerson sold 152,960 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $64.65, for a total value of $9,888,864.00. Following the sale, the chairman owned 3,356,159 shares in the company, valued at $216,975,679.35. This represents a 4.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 565,145 shares of company stock worth $35,839,918 over the last ninety days. Company insiders own 0.75% of the company’s stock.

Freeport-McMoRan 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.