Cabot Wealth Management Inc. trimmed its stake in shares of Freeport-McMoRan Inc. (NYSE: FCX – Get Rating) by 8.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 89,636 shares of the natural resource company stock after selling 7,825 shares during the period. Cabot Wealth Management Inc.’s holdings in Freeport-McMoRan were worth $ 4,458,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in FCX. Lowe Wealth Advisors LLC increased its stake in Freeport-McMoRan by 8.6% in the 1st quarter. Lowe Wealth Advisors LLC now owns 3,159 shares of the natural resource company stock worth $ 157,000 after purchasing an additional 250 shares in the last quarter. Atlas Brown Inc. boosted its holdings in shares of Freeport-McMoRan by 5.0% in the first quarter. Atlas Brown Inc. now owns 5,536 shares of the natural resource company stock worth $ 275,000 after buying an additional 265 shares during the period. Asahi Life Asset Management CO. LTD. increased its position in shares of Freeport-McMoRan by 2.4% in the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 12,760 shares of the natural resource company stock worth $ 532,000 after acquiring an additional 300 shares in the last quarter. Creative Financial Designs Inc. ADV raised its holdings in shares of Freeport-McMoRan by 67.0% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 900 shares of the natural resource company stock valued at $ 38,000 after acquiring an additional 361 shares during the period. Finally, AdvisorNet Financial Inc raised its holdings in shares of Freeport-McMoRan by 6.2% during the first quarter. AdvisorNet Financial Inc now owns 6,214 shares of the natural resource company stock valued at $ 309,000 after acquiring an additional 361 shares during the period. Institutional investors and hedge funds own 77.37% of the company stock.
In related news, Director Dustan E. Mccoy sold 8,200 shares of Freeport-McMoRan stock in a transaction on Tuesday, May 31st. The shares were sold at an average price of $ 39.24, for a total value of $ 321,768.00. Following the transaction, the director now owns 134,400 shares in the company, valued at approximately $ 5,273,856. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Hugh Grant bought 12,300 shares of the business’s stock in a transaction on Monday, April 25th. The shares were purchased at an average cost of $ 40.75 per share, with a total value of $ 501,225.00. Following the transaction, the director now owns 15,776 shares in the company, valued at $ 642,872. The disclosure for this purchase can be found here. Corporate insiders own 0.72% of the company stock.
NYSE FCX opened at $ 30.99 on Friday. The company has a quick ratio of 1.68, a current ratio of 2.37 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $ 44.91 billion, a PE ratio of 8.98, a price-to-earnings-growth ratio of 0.26 and a beta of 2.02. Freeport-McMoRan Inc. has a 12-month low of $ 28.87 and a 12-month high of $ 51.99. The company has a 50 day moving average price of $ 38.86 and a two-hundred day moving average price of $ 42.20.
Freeport-McMoRan (NYSE: FCX – Get Rating) last released its quarterly earnings results on Thursday, April 21st. The natural resource company reported $ 1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $ 0.88 by $ 0.19. The business had revenue of $ 6.60 billion for the quarter, compared to the estimate consensus of $ 6.29 billion. Freeport-McMoRan had a net margin of 20.79% and a return on equity of 24.06%. Freeport-McMoRan’s revenue for the quarter was up 36.1% on a year-over-year basis. During the same quarter last year, the firm earned $ 0.51 EPS. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 3.92 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 1st. Shareholders of record on Friday, July 15th will be given a $ 0.15 dividend. The ex-dividend date is Thursday, July 14th. This represents a $ 0.60 dividend on an annualized basis and a dividend yield of 1.94%. Freeport-McMoRan’s dividend payout ratio is currently 8.70%.
Several equities analysts have weighed in on the stock. Barclays lifted their price objective on shares of Freeport-McMoRan from $ 28.00 to $ 29.00 in a research report on Thursday, April 21st. Royal Bank of Canada lifted their price target on Freeport-McMoRan from $ 46.00 to $ 47.00 and gave the company a “sector perform” rating in a report on Friday, April 22nd. Deutsche Bank Aktiengesellschaft reduced their price objective on Freeport-McMoRan from $ 50.00 to $ 47.00 and set a “hold” rating for the company in a research note on Friday, April 22nd. Raymond James set a $ 59.00 target price on Freeport-McMoRan and gave the company an “outperform” rating in a research note on Friday, April 22nd. Finally, Clarkson Capital reissued a “neutral” rating on shares of Freeport-McMoRan in a research report on Tuesday, June 14th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $ 47.31.
Freeport-McMoRan Company Profile: (Get Rating)
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Baghdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
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