First Trust Advisors LP Buys 286,327 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

First Trust Advisors LP grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 6.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,685,182 shares of the natural resource company’s stock after buying an additional 286,327 shares during the period. First Trust Advisors LP owned 0.33% of Freeport-McMoRan worth $199,448,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of FCX. Boston Partners increased its position in Freeport-McMoRan by 13,248.4% in the fourth quarter. Boston Partners now owns 5,351,630 shares of the natural resource company’s stock worth $227,747,000 after purchasing an additional 5,311,538 shares during the last quarter. Mizuho Markets Americas LLC purchased a new position in Freeport-McMoRan during the third quarter worth $141,407,000. Alphinity Investment Management Pty Ltd boosted its stake in Freeport-McMoRan by 57.4% during the third quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock worth $201,039,000 after buying an additional 1,965,987 shares during the period. AustralianSuper Pty Ltd purchased a new position in Freeport-McMoRan during the fourth quarter worth $66,993,000. Finally, TD Asset Management Inc boosted its stake in Freeport-McMoRan by 35.0% during the fourth quarter. TD Asset Management Inc now owns 5,777,840 shares of the natural resource company’s stock worth $245,963,000 after buying an additional 1,498,259 shares during the period. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on FCX. JPMorgan Chase & Co. dropped their price objective on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday, April 24th. Raymond James boosted their target price on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a research note on Wednesday, April 24th. HSBC boosted their target price on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday, April 23rd. Scotiabank boosted their target price on shares of Freeport-McMoRan from $53.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 30th. Finally, StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.50.

Check Out Our Latest Analysis on Freeport-McMoRan

Insiders Place Their Bets

In other news, CAO Stephen T. Higgins sold 42,767 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at $5,255,381.95. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CAO Stephen T. Higgins sold 80,000 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at $5,430,735.31. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Stephen T. Higgins sold 42,767 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,255,381.95. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 445,667 shares of company stock worth $22,755,070. 0.79% of the stock is owned by corporate insiders.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $50.49 on Thursday. The company has a market capitalization of $72.42 billion, a PE ratio of 44.68, a P/E/G ratio of 2.63 and a beta of 1.96. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35. The company has a 50-day simple moving average of $50.61 and a two-hundred day simple moving average of $43.67. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCXGet Free Report) last announced its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The business had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The firm’s revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 earnings per share. Research analysts expect that Freeport-McMoRan Inc. will post 1.66 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were issued a $0.15 dividend. The ex-dividend date was Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a yield of 1.19%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

About Freeport-McMoRan

(Free Report)

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

Further Reading

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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