Montgomery Investment Management Inc. raised its position in Freeport-McMoRan Inc. (NYSE:FCX) by 2.7% during the first quarter, HoldingsChannel.com reports. The firm owned 198,530 shares of the natural resource company’s stock after buying an additional 5,300 shares during the quarter. Freeport-McMoRan comprises 2.5% of Montgomery Investment Management Inc.’s investment portfolio, making the stock its 14th biggest position. Montgomery Investment Management Inc.’s holdings in Freeport-McMoRan were worth $6,538,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. JFS Wealth Advisors LLC raised its holdings in shares of Freeport-McMoRan by 83.0% during the 1st quarter. JFS Wealth Advisors LLC now owns 851 shares of the natural resource company’s stock valued at $28,000 after buying an additional 386 shares during the period. Hudock Inc. raised its holdings in shares of Freeport-McMoRan by 76.5% during the 1st quarter. Hudock Inc. now owns 962 shares of the natural resource company’s stock valued at $31,000 after buying an additional 417 shares during the period. JustInvest LLC raised its holdings in shares of Freeport-McMoRan by 5.6% during the 4th quarter. JustInvest LLC now owns 13,488 shares of the natural resource company’s stock valued at $34,000 after buying an additional 721 shares during the period. Capstone Triton Financial Group LLC purchased a new stake in Freeport-McMoRan during the 4th quarter worth approximately $35,000. Finally, Arkadios Wealth Advisors purchased a new stake in Freeport-McMoRan during the 4th quarter worth approximately $35,000. Institutional investors own 72.30% of the company’s stock.
In other news, Director Gerald J. Ford sold 2,020,000 shares of Freeport-McMoRan stock in a transaction on Wednesday, March 3rd. The stock was sold at an average price of $34.93, for a total transaction of $70,558,600.00. Also, VP C Donald Whitmire, Jr. sold 48,240 shares of Freeport-McMoRan stock in a transaction on Friday, February 12th. The shares were sold at an average price of $30.84, for a total value of $1,487,721.60. Following the transaction, the vice president now owns 85,492 shares in the company, valued at approximately $2,636,573.28. The disclosure for this sale can be found here. Insiders have sold 2,132,216 shares of company stock worth $74,301,276 over the last ninety days. 1.00% of the stock is owned by insiders.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, April 22nd. The natural resource company reported $0.51 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.51. The company had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.74 billion. Freeport-McMoRan had a positive return on equity of 1.56% and a negative net margin of 0.73%. The company’s quarterly revenue was up 73.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.18) EPS. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 0.56 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, May 3rd. Stockholders of record on Thursday, April 15th were given a dividend of $0.075 per share. The ex-dividend date was Wednesday, April 14th. This is a positive change from Freeport-McMoRan’s previous quarterly dividend of $0.05. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.78%. Freeport-McMoRan’s payout ratio is 1,500.00%.
Several equities research analysts have issued reports on FCX shares. BMO Capital Markets started coverage on Freeport-McMoRan in a report on Friday, April 23rd. They set a “buy” rating and a $45.00 price objective on the stock. B. Riley lifted their target price on Freeport-McMoRan from $32.00 to $42.00 and gave the stock a “buy” rating in a research report on Tuesday, February 23rd. Citigroup upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $36.00 target price for the company in a research report on Tuesday, February 16th. Deutsche Bank Aktiengesellschaft lifted their target price on Freeport-McMoRan from $20.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday, January 13th. Finally, Raymond James lifted their target price on Freeport-McMoRan from $41.00 to $43.00 and gave the stock an “outperform” rating in a research report on Friday, April 23rd. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $26.47.
Freeport-McMoRan Company Profile
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
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