Blue Trust Inc. Buys 9,653 Shares of Freeport-McMoRan Inc. $FCX

Blue Trust Inc. increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 325.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,622 shares of the natural resource company’s stock after buying an additional 9,653 shares during the period. Blue Trust Inc.’s holdings in Freeport-McMoRan were worth $742,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Strategic Investment Solutions Inc. IL bought a new position in shares of Freeport-McMoRan in the 4th quarter worth about $25,000. Steph & Co. grew its holdings in Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares during the period. Kemnay Advisory Services Inc. purchased a new stake in Freeport-McMoRan in the fourth quarter worth about $29,000. SHP Wealth Management bought a new position in shares of Freeport-McMoRan during the fourth quarter valued at approximately $30,000. Finally, JPL Wealth Management LLC bought a new position in shares of Freeport-McMoRan during the third quarter valued at approximately $33,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

FCX opened at $62.31 on Friday. The company’s 50 day moving average is $64.61 and its 200 day moving average is $60.71. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The company has a market cap of $89.57 billion, a price-to-earnings ratio of 33.14, a PEG ratio of 0.76 and a beta of 1.35. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. The business had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The firm’s revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.24 earnings per share. On average, equities research analysts predict that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s payout ratio is currently 15.96%.

Wall Street Analyst Weigh In

FCX has been the topic of a number of analyst reports. Scotiabank boosted their price target on Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research report on Monday, June 15th. Sanford C. Bernstein raised their price objective on Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research report on Wednesday, June 10th. Wall Street Zen upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. CICC Research dropped their target price on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a report on Tuesday, April 28th. Finally, Raymond James Financial cut their target price on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research note on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $68.27.

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.