Perkins Coie Trust Co Grows Position in Freeport-McMoRan Inc. (NYSE:FCX)

Perkins Coie Trust Co lifted its position in Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 2.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,770 shares of the natural resource company’s stock after buying an additional 1,084 shares during the quarter. Perkins Coie Trust Co’s holdings in Freeport-McMoRan were worth $1,870,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of FCX. Boston Partners lifted its stake in Freeport-McMoRan by 13,248.4% in the fourth quarter. Boston Partners now owns 5,351,630 shares of the natural resource company’s stock worth $227,747,000 after acquiring an additional 5,311,538 shares during the period. AustralianSuper Pty Ltd purchased a new position in Freeport-McMoRan in the 4th quarter worth approximately $66,993,000. TD Asset Management Inc raised its holdings in shares of Freeport-McMoRan by 35.0% during the 4th quarter. TD Asset Management Inc now owns 5,777,840 shares of the natural resource company’s stock worth $245,963,000 after acquiring an additional 1,498,259 shares in the last quarter. Penserra Capital Management LLC raised its holdings in shares of Freeport-McMoRan by 16,058.7% during the 3rd quarter. Penserra Capital Management LLC now owns 1,500,338 shares of the natural resource company’s stock worth $55,947,000 after acquiring an additional 1,491,053 shares in the last quarter. Finally, International Assets Investment Management LLC increased its position in shares of Freeport-McMoRan by 4,857.7% during the 4th quarter. International Assets Investment Management LLC now owns 1,324,452 shares of the natural resource company’s stock valued at $56,382,000 after purchasing an additional 1,297,737 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Stephen T. Higgins sold 42,767 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the sale, the chief accounting officer now owns 104,377 shares in the company, valued at $5,255,381.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Stephen T. Higgins sold 42,767 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at approximately $5,255,381.95. The sale was disclosed in a filing with the SEC, which is available at this link. Also, 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 445,667 shares of company stock worth $22,755,070. 0.79% of the stock is owned by corporate insiders.

Freeport-McMoRan Trading Up 1.6 %

NYSE FCX traded up $0.81 on Monday, hitting $50.37. The company’s stock had a trading volume of 11,345,305 shares, compared to its average volume of 14,259,500. The firm has a market cap of $72.36 billion, a PE ratio of 44.58, a PEG ratio of 2.15 and a beta of 1.96. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The company’s 50-day moving average is $50.62 and its 200 day moving average is $44.76. 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 posted its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (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 for the quarter, compared to analyst estimates of $5.70 billion. During the same quarter in the previous year, the firm posted $0.52 earnings per share. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.71 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were issued a $0.15 dividend. The ex-dividend date of this dividend was Friday, April 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.19%. Freeport-McMoRan’s payout ratio is currently 26.55%.

Analysts Set New Price Targets

FCX has been the topic of a number of recent research reports. Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $49.50 to $62.00 in a research report on Friday. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a research note on Tuesday, April 9th. Argus lifted 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. HSBC lifted their price objective on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday, April 23rd. Finally, Bernstein Bank upped their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research report on Tuesday, April 23rd. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.93.

Check Out Our Latest Report on Freeport-McMoRan

About Freeport-McMoRan

(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.

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

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