M&T Bank Corp raised its position in Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) by 3.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 323,006 shares of the natural resource company’s stock after acquiring an additional 12,186 shares during the quarter. M&T Bank Corp’s holdings in Freeport-McMoRan were worth $8,828,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in FCX. Public Investment Fund acquired a new stake in Freeport-McMoRan in the second quarter valued at $377,321,000. Amundi lifted its stake in Freeport-McMoRan by 233.8% in the second quarter. Amundi now owns 10,779,807 shares of the natural resource company’s stock valued at $270,468,000 after acquiring an additional 7,550,525 shares during the last quarter. Neuberger Berman Group LLC lifted its stake in Freeport-McMoRan by 103.0% in the third quarter. Neuberger Berman Group LLC now owns 7,977,270 shares of the natural resource company’s stock valued at $218,140,000 after acquiring an additional 4,048,053 shares during the last quarter. Barclays PLC lifted its stake in shares of Freeport-McMoRan by 100.7% during the 3rd quarter. Barclays PLC now owns 4,765,092 shares of the natural resource company’s stock worth $130,229,000 after buying an additional 2,391,131 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its stake in shares of Freeport-McMoRan by 25.3% during the 2nd quarter. Clearbridge Investments LLC now owns 11,827,474 shares of the natural resource company’s stock worth $346,072,000 after buying an additional 2,385,605 shares during the last quarter. Institutional investors and hedge funds own 77.12% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on FCX shares. UBS Group raised their target price on shares of Freeport-McMoRan from $32.00 to $41.00 and gave the stock a “neutral” rating in a research note on Monday, February 27th. TheStreet upgraded shares of Freeport-McMoRan from a “c” rating to a “b” rating in a research note on Wednesday, January 25th. Raymond James raised their price target on shares of Freeport-McMoRan from $40.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 31st. Deutsche Bank Aktiengesellschaft raised their price target on shares of Freeport-McMoRan from $35.00 to $40.00 in a research report on Tuesday, January 10th. Finally, Scotiabank raised shares of Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and raised their price target for the stock from $41.00 to $50.00 in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $42.07.
Freeport-McMoRan Stock Down 6.7 %
Freeport-McMoRan (NYSE:FCX – Get Rating) last posted its earnings results on Wednesday, January 25th. The natural resource company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.40 by $0.12. Freeport-McMoRan had a net margin of 15.22% and a return on equity of 14.59%. The business had revenue of $5.75 billion for the quarter, compared to the consensus estimate of $5.42 billion. During the same period last year, the company earned $0.96 EPS. The firm’s revenue was down 6.7% compared to the same quarter last year. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.98 earnings per share for the current year.
Freeport-McMoRan Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 1st. Investors of record on Friday, January 13th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, January 12th. This represents a $0.60 annualized dividend and a yield of 1.69%. Freeport-McMoRan’s dividend payout ratio is presently 12.66%.
Insider Buying and Selling
In other news, CAO Ellie L. Mikes sold 11,678 shares of the business’s stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $43.17, for a total value of $504,139.26. Following the transaction, the chief accounting officer now owns 32,333 shares in the company, valued at approximately $1,395,815.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.72% of the stock is owned by corporate insiders.
Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines, South America Mining, Indonesia Mining, Molybdenum Mines, Rod and Refining, Atlantic Copper Smelting and Refining, and Corporate and Other. The North America Copper Mines segment operates open-pit copper mines in Morenci, Baghdad, Safford, Sierrita, and Miami in Arizona and Chino and Tyrone in New Mexico.
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