Freeport-McMoRan Inc. $FCX Stake Boosted by Florida Trust Wealth Management Co

Florida Trust Wealth Management Co lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 65.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 177,766 shares of the natural resource company’s stock after purchasing an additional 70,464 shares during the quarter. Florida Trust Wealth Management Co’s holdings in Freeport-McMoRan were worth $9,029,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Steigerwald Gordon & Koch Inc. bought a new position in Freeport-McMoRan during the 3rd quarter worth $25,000. Twin Peaks Wealth Advisors LLC bought a new stake in Freeport-McMoRan in the second quarter valued at $28,000. Salomon & Ludwin LLC boosted its holdings in shares of Freeport-McMoRan by 1,962.9% during the third quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 687 shares during the period. JPL Wealth Management LLC acquired a new position in shares of Freeport-McMoRan during the third quarter valued at $33,000. Finally, YANKCOM Partnership grew its position in shares of Freeport-McMoRan by 83.3% during the fourth quarter. YANKCOM Partnership now owns 869 shares of the natural resource company’s stock worth $44,000 after acquiring an additional 395 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on FCX shares. BMO Capital Markets increased their price objective on shares of Freeport-McMoRan from $55.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, January 14th. BNP Paribas Exane upped their target price on shares of Freeport-McMoRan from $56.00 to $75.00 and gave the stock an “outperform” rating in a research report on Thursday, February 12th. Bank of America raised their price target on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Citigroup lifted their price target on Freeport-McMoRan from $48.00 to $67.00 and gave the company a “buy” rating in a report on Monday, January 12th. Finally, JPMorgan Chase & Co. boosted their price objective on Freeport-McMoRan from $58.00 to $68.00 and gave the stock an “overweight” rating in a research report on Thursday, January 8th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.75.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, EVP Douglas N. Currault II sold 75,000 shares of the stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $64.52, for a total transaction of $4,839,000.00. Following the completion of the transaction, the executive vice president directly owned 219,181 shares of the company’s stock, valued at approximately $14,141,558.12. This trade represents a 25.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Richard C. Adkerson sold 248,031 shares of Freeport-McMoRan stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $62.80, for a total value of $15,576,346.80. Following the transaction, the chairman owned 3,509,119 shares in the company, valued at approximately $220,372,673.20. This trade represents a 6.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 565,145 shares of company stock valued at $35,839,918. 0.75% of the stock is currently owned by company insiders.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $61.32 on Friday. The stock has a market cap of $88.13 billion, a P/E ratio of 40.61, a P/E/G ratio of 0.72 and a beta of 1.48. The firm’s 50-day simple moving average is $61.31 and its 200 day simple moving average is $51.18. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $69.75. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.19. The firm had revenue of $5.63 billion during the quarter, compared to analyst estimates of $5.42 billion. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. Freeport-McMoRan’s revenue was down 1.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.31 EPS. Equities analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th will be issued a $0.075 dividend. The ex-dividend date is Wednesday, April 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is 19.87%.

Freeport-McMoRan 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.