Fiduciary Trust Co Sells 3,662 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Fiduciary Trust Co cut its holdings in Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 4.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 74,202 shares of the natural resource company’s stock after selling 3,662 shares during the period. Fiduciary Trust Co’s holdings in Freeport-McMoRan were worth $3,159,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Weiss Asset Management LP bought a new position in shares of Freeport-McMoRan during the 4th quarter valued at approximately $568,000. Elevatus Welath Management purchased a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $7,168,000. Quaker Wealth Management LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth about $213,000. Focus Financial Network Inc. ADV purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth about $1,383,000. Finally, TD Asset Management Inc raised its position in Freeport-McMoRan by 35.0% in 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 purchasing an additional 1,498,259 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on FCX. Scotiabank cut their target price on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, April 24th. Argus boosted their target price on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. HSBC upped their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a report on Tuesday, April 23rd. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective on the stock in a research note on Tuesday, April 9th. Finally, Raymond James increased their price target on Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

Read Our Latest Stock Analysis on Freeport-McMoRan

Insider Transactions at Freeport-McMoRan

In related news, VP Douglas N. Currault II sold 55,000 shares of the company’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $51.99, for a total value of $2,859,450.00. Following the completion of the sale, the vice president now owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The sale was disclosed in a legal 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 the company’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the transaction, the vice president now directly owns 164,067 shares in the company, valued at $8,529,843.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Stephen T. Higgins sold 43,900 shares of Freeport-McMoRan stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $51.08, for a total value of $2,242,412.00. Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at $5,331,577.16. The disclosure for this sale can be found here. Insiders have sold 445,667 shares of company stock valued at $22,755,070 over the last ninety days. Insiders own 0.79% of the company’s stock.

Freeport-McMoRan Stock Performance

NYSE FCX traded down $0.27 during mid-day trading on Thursday, reaching $52.50. 9,297,494 shares of the stock were exchanged, compared to its average volume of 14,379,336. The company has a market capitalization of $75.31 billion, a P/E ratio of 46.08, a P/E/G ratio of 2.84 and a beta of 2.02. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35. The business’s 50 day moving average is $50.10 and its 200-day moving average is $43.15. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCXGet Free Report) last issued its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. Freeport-McMoRan’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.52 earnings per share. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.66 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th were given a $0.15 dividend. The ex-dividend date was Friday, April 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.14%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

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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