Freeport-McMoRan Inc. $FCX Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 7.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 278,438 shares of the natural resource company’s stock after buying an additional 19,593 shares during the period. PNC Financial Services Group Inc.’s holdings in Freeport-McMoRan were worth $14,142,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Brighton Jones LLC grew its stake in shares of Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after purchasing an additional 2,882 shares in the last quarter. Bison Wealth LLC grew its stake in shares of Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 507 shares in the last quarter. Sivia Capital Partners LLC bought a new position in shares of Freeport-McMoRan in the second quarter worth $560,000. Brown Advisory Inc. grew its stake in shares of Freeport-McMoRan by 27.0% in the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock worth $539,000 after purchasing an additional 2,648 shares in the last quarter. Finally, Jump Financial LLC grew its stake in shares of Freeport-McMoRan by 42.7% in the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock worth $2,172,000 after purchasing an additional 14,992 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently issued reports on FCX. Sanford C. Bernstein decreased their price target on Freeport-McMoRan from $54.00 to $53.50 and set a “market perform” rating for the company in a research note on Friday, April 24th. Weiss Ratings raised Freeport-McMoRan from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. Freedom Capital raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Saturday, February 21st. UBS Group increased their price target on Freeport-McMoRan from $74.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, CICC Research decreased their price target on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research note on Tuesday, April 28th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $65.72.

Freeport-McMoRan Trading Down 0.6%

Shares of FCX stock opened at $61.92 on Friday. The stock has a 50-day simple moving average of $61.41 and a 200 day simple moving average of $56.35. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $70.96. The stock has a market capitalization of $89.01 billion, a P/E ratio of 32.94, a P/E/G ratio of 0.75 and a beta of 1.32. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28.

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

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were paid a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 15.96%.

About Freeport-McMoRan

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.