Florida Trust Wealth Management Co Has $4.21 Million Stock Position in Freeport-McMoRan Inc. $FCX

Florida Trust Wealth Management Co increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 202.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 107,302 shares of the natural resource company’s stock after buying an additional 71,815 shares during the quarter. Florida Trust Wealth Management Co’s holdings in Freeport-McMoRan were worth $4,208,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FCX. Portside Wealth Group LLC lifted its holdings in shares of Freeport-McMoRan by 0.8% in the second quarter. Portside Wealth Group LLC now owns 30,333 shares of the natural resource company’s stock worth $1,315,000 after acquiring an additional 245 shares during the last quarter. Hollencrest Capital Management increased its position in Freeport-McMoRan by 0.6% during the 2nd quarter. Hollencrest Capital Management now owns 45,133 shares of the natural resource company’s stock worth $1,957,000 after purchasing an additional 250 shares in the last quarter. Benjamin Edwards Inc. lifted its stake in Freeport-McMoRan by 0.6% in the 3rd quarter. Benjamin Edwards Inc. now owns 45,095 shares of the natural resource company’s stock valued at $1,769,000 after purchasing an additional 250 shares during the last quarter. Waterloo Capital L.P. lifted its stake in Freeport-McMoRan by 3.9% in the 2nd quarter. Waterloo Capital L.P. now owns 6,658 shares of the natural resource company’s stock valued at $289,000 after purchasing an additional 251 shares during the last quarter. Finally, Strengthening Families & Communities LLC boosted its position in Freeport-McMoRan by 0.6% in the second quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company’s stock valued at $1,822,000 after buying an additional 261 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on FCX shares. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price target for the company in a report on Tuesday, September 30th. Citigroup upped their target price on Freeport-McMoRan from $48.00 to $67.00 and gave the stock a “buy” rating in a report on Monday, January 12th. CICC Research cut their price target on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research note on Friday, September 26th. Wells Fargo & Company boosted their price target on Freeport-McMoRan from $55.00 to $64.00 and gave the stock an “overweight” rating in a report on Tuesday, January 13th. Finally, UBS Group raised their price objective on shares of Freeport-McMoRan from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, December 12th. Three equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $54.30.

Freeport-McMoRan Trading Down 2.1%

NYSE:FCX opened at $58.73 on Tuesday. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $60.71. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. The firm’s fifty day moving average is $48.25 and its 200-day moving average is $44.60. The firm has a market cap of $84.33 billion, a P/E ratio of 41.36, a P/E/G ratio of 0.70 and a beta of 1.45.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. The business had revenue of $6.97 billion during the quarter, compared to the consensus estimate of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. Freeport-McMoRan’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.38 earnings per share. Equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Thursday, January 15th will be given a $0.075 dividend. The ex-dividend date of this dividend is Thursday, January 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.13%.

Insider Transactions at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 9,572 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $47.66, for a total value of $456,201.52. Following the transaction, the chief accounting officer directly owned 38,761 shares of the company’s stock, valued at $1,847,349.26. The trade was a 19.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Stephen T. Higgins sold 28,423 shares of the company’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $47.99, for a total value of $1,364,019.77. Following the sale, the chief accounting officer owned 105,294 shares in the company, valued at approximately $5,053,059.06. The trade was a 21.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.79% of the stock is owned by insiders.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.