1,809 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Bought by ICA Group Wealth Management LLC

ICA Group Wealth Management LLC bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,809 shares of the natural resource company’s stock, valued at approximately $77,000.

Several other institutional investors have also recently made changes to their positions in the business. Rafferty Asset Management LLC grew its position in Freeport-McMoRan by 10.9% during the third quarter. Rafferty Asset Management LLC now owns 116,605 shares of the natural resource company’s stock valued at $4,348,000 after buying an additional 11,501 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new stake in Freeport-McMoRan during the third quarter valued at $2,224,000. Envestnet Asset Management Inc. grew its position in Freeport-McMoRan by 39.7% during the third quarter. Envestnet Asset Management Inc. now owns 1,095,378 shares of the natural resource company’s stock valued at $40,847,000 after buying an additional 311,036 shares during the period. Glenview Trust co grew its position in Freeport-McMoRan by 38.8% during the third quarter. Glenview Trust co now owns 10,068 shares of the natural resource company’s stock valued at $375,000 after buying an additional 2,814 shares during the period. Finally, Rathbones Group PLC grew its position in Freeport-McMoRan by 77.1% during the third quarter. Rathbones Group PLC now owns 1,008,649 shares of the natural resource company’s stock valued at $37,613,000 after buying an additional 438,993 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on FCX shares. Bernstein Bank raised their price target on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research report on Tuesday, April 23rd. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a research report on Tuesday, April 9th. Scotiabank lifted their target price on shares of Freeport-McMoRan from $53.00 to $60.00 and gave the company a “sector outperform” rating in a research report on Thursday, May 30th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. Finally, HSBC lifted their target price on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research report on Tuesday, April 23rd. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.47.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of Freeport-McMoRan stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at $5,255,381.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of Freeport-McMoRan stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at $5,255,381.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Stephen T. Higgins sold 80,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,430,735.31. 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. Company insiders own 0.79% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX opened at $47.69 on Wednesday. The firm has a market capitalization of $68.51 billion, a PE ratio of 42.20, a PEG ratio of 2.10 and a beta of 1.96. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The firm’s 50-day moving average price is $50.71 and its 200 day moving average price is $44.51. The company has a current ratio of 2.35, a quick ratio of 1.41 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $5.70 billion. During the same period in the previous year, the firm earned $0.52 earnings per share. Freeport-McMoRan’s quarterly revenue was up 17.3% compared to the same quarter last year. As a group, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.71 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. Shareholders of record on Monday, April 15th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date was Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Freeport-McMoRan Profile

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.