Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Lighthouse Investment Partners LLC

Lighthouse Investment Partners LLC grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 208.4% during the fourth quarter, Holdings Channel reports. The firm owned 23,217 shares of the natural resource company’s stock after acquiring an additional 15,689 shares during the quarter. Lighthouse Investment Partners LLC’s holdings in Freeport-McMoRan were worth $988,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth $27,000. Jones Financial Companies Lllp grew its stake in shares of Freeport-McMoRan by 422.2% during the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 532 shares in the last quarter. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth $32,000. EdgeRock Capital LLC acquired a new position in Freeport-McMoRan in the fourth quarter valued at $35,000. Finally, Webster Bank N. A. boosted its stake in Freeport-McMoRan by 6,469.2% in the fourth quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock valued at $36,000 after acquiring an additional 841 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $50.01 on Tuesday. The company has a quick ratio of 1.41, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. The company has a market cap of $71.73 billion, a P/E ratio of 44.25, a P/E/G ratio of 2.15 and a beta of 1.96. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The firm’s 50 day moving average is $50.83 and its two-hundred day moving average is $43.95.

Freeport-McMoRan (NYSE:FCXGet Free Report) last released its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (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 quarter in the previous year, the firm posted $0.52 EPS. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. Analysts expect that Freeport-McMoRan Inc. will post 1.71 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.20%. The ex-dividend date was Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Wall Street Analyst Weigh In

FCX has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price for the company in a report on Tuesday, April 9th. Argus increased their price target on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. HSBC increased their target price on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a report on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. dropped their target price on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a report on Wednesday, April 24th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average price target of $51.47.

Check Out Our Latest Analysis on Freeport-McMoRan

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 43,900 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $51.08, for a total transaction of $2,242,412.00. Following the completion of the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at approximately $5,331,577.16. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CAO Stephen T. Higgins sold 43,900 shares of Freeport-McMoRan stock in a transaction dated 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 transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at approximately $5,331,577.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 completion of the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at $5,255,381.95. The disclosure for this sale can be found here. Insiders sold a total of 445,667 shares of company stock valued at $22,755,070 in the last ninety days. Corporate insiders own 0.79% of the company’s stock.

Freeport-McMoRan Company Profile

(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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