Norden Group LLC Grows Position in Freeport-McMoRan Inc. (NYSE:FCX)

Norden Group LLC lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 1,823.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 249,885 shares of the natural resource company’s stock after purchasing an additional 236,891 shares during the period. Norden Group LLC’s holdings in Freeport-McMoRan were worth $11,750,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC purchased a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $27,000. Jones Financial Companies Lllp grew its stake in Freeport-McMoRan by 422.2% in the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 532 shares during the period. Vermillion & White Wealth Management Group LLC purchased a new stake in Freeport-McMoRan in the 4th quarter worth $32,000. EdgeRock Capital LLC acquired a new position in Freeport-McMoRan during the fourth quarter worth $35,000. Finally, American National Bank lifted its holdings in Freeport-McMoRan by 348.8% during the first quarter. American National Bank now owns 745 shares of the natural resource company’s stock valued at $35,000 after purchasing an additional 579 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Freeport-McMoRan

In other news, VP Douglas N. Currault II sold 55,000 shares of the firm’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 completion of 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 document filed with the SEC, which is available at this link. In related news, VP Douglas N. Currault II sold 55,000 shares of Freeport-McMoRan stock in a transaction that occurred on 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 transaction, the vice president now owns 164,067 shares in the company, valued at $8,529,843.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Stephen T. Higgins sold 80,000 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the sale, the chief accounting officer now 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 a total of 445,667 shares of company stock valued at $22,755,070 over the last quarter. 0.79% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FCX. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a research report on Tuesday, April 9th. Raymond James increased their price objective on Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a research note on Wednesday, April 24th. JPMorgan Chase & Co. reduced their target price on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research report on Wednesday, April 24th. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Finally, Argus raised their target price on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.93.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $50.64 on Thursday. The stock has a fifty day simple moving average of $50.63 and a 200-day simple moving average of $45.30. The company has a current ratio of 2.35, a quick ratio of 1.41 and a debt-to-equity ratio of 0.31. The stock has a market cap of $72.74 billion, a PE ratio of 44.81, a P/E/G ratio of 2.00 and a beta of 1.92. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share 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 company had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same quarter last year, the firm posted $0.52 earnings per share. Freeport-McMoRan’s revenue was up 17.3% compared to the same quarter last year. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.74 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Monday, July 15th will be issued a $0.15 dividend. The ex-dividend date is Monday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.18%. 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.