TCG Advisory Services LLC Buys Shares of 41,938 Freeport-McMoRan Inc. (NYSE:FCX)

TCG Advisory Services LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 41,938 shares of the natural resource company’s stock, valued at approximately $1,785,000.

Several other hedge funds also recently modified their holdings of the company. Bruce G. Allen Investments LLC acquired a new stake in shares of Freeport-McMoRan during the fourth quarter valued at about $27,000. BluePath Capital Management LLC acquired a new position in shares of Freeport-McMoRan during the third quarter valued at $28,000. Webster Bank N. A. lifted its stake in shares of Freeport-McMoRan by 6,469.2% in the 4th quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock worth $36,000 after acquiring an additional 841 shares during the period. CVA Family Office LLC bought a new position in Freeport-McMoRan during the 4th quarter valued at $38,000. Finally, Orion Capital Management LLC acquired a new position in Freeport-McMoRan during the third quarter worth about $40,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 3.4 %

Shares of FCX traded up $1.67 during mid-day trading on Friday, hitting $50.45. 14,498,117 shares of the company’s stock were exchanged, compared to its average volume of 17,456,276. The stock has a market cap of $72.37 billion, a price-to-earnings ratio of 44.65, a P/E/G ratio of 7.92 and a beta of 2.02. The firm has a fifty day moving average of $45.86 and a two-hundred day moving average of $40.84. 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 Inc. has a twelve month low of $32.83 and a twelve month high of $52.52.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping 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 firm had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same period in the prior year, the business posted $0.52 earnings per share. The business’s quarterly revenue was up 17.3% on a year-over-year basis. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.66 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FCX. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective on the stock in a report on Tuesday, April 9th. JPMorgan Chase & Co. lowered their price objective on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 24th. Raymond James increased their target price on Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Thursday, April 25th. Finally, Bernstein Bank raised 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 analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.07.

Insider Buying and Selling

In other news, CEO Richard C. Adkerson sold 169,229 shares of Freeport-McMoRan stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $50.56, for a total value of $8,556,218.24. Following the transaction, the chief executive officer now directly owns 3,707,249 shares in the company, valued at $187,438,509.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of Freeport-McMoRan stock in a transaction on Monday, April 29th. The shares were 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 in the company, valued at $8,529,843.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Richard C. Adkerson sold 169,229 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $50.56, for a total transaction of $8,556,218.24. Following the transaction, the chief executive officer now owns 3,707,249 shares of the company’s stock, valued at approximately $187,438,509.44. The disclosure for this sale can be found here. In the last three months, insiders sold 310,896 shares of company stock valued at $15,811,399. Company insiders own 0.78% of the company’s stock.

About Freeport-McMoRan

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.