Connecticut Wealth Management LLC Purchases Shares of 13,866 Freeport-McMoRan Inc. (NYSE:FCX)

Connecticut Wealth Management LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 13,866 shares of the natural resource company’s stock, valued at approximately $590,000.

A number of other large investors have also recently made changes to their positions in the company. Capital Wealth Planning LLC purchased a new position in shares of Freeport-McMoRan in the 3rd quarter valued at $160,160,000. Mizuho Markets Americas LLC purchased a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at about $141,407,000. Alphinity Investment Management Pty Ltd increased its position 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 stake in Freeport-McMoRan in the fourth quarter valued at approximately $66,993,000. Finally, Penserra Capital Management LLC boosted its holdings in shares of Freeport-McMoRan by 16,058.7% in the third quarter. Penserra Capital Management LLC now owns 1,500,338 shares of the natural resource company’s stock valued at $55,947,000 after acquiring an additional 1,491,053 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

NYSE:FCX traded up $1.67 during midday trading on Friday, reaching $50.45. 14,498,117 shares of the company traded hands, compared to its average volume of 17,456,276. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $52.52. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. The company has a fifty day moving average price of $45.86 and a 200 day moving average price of $40.87. The firm has a market capitalization of $72.37 billion, a price-to-earnings ratio of 44.65, a price-to-earnings-growth ratio of 8.19 and a beta of 2.02.

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

Freeport-McMoRan Announces Dividend

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

Analyst Ratings Changes

FCX has been the topic of several research reports. StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Thursday, April 25th. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Raymond James lifted their target price on Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a research note on Wednesday, April 24th. Bernstein Bank upped their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research note on Tuesday, April 23rd. Finally, Argus lifted their price objective on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $50.07.

Insider Buying and Selling at Freeport-McMoRan

In other news, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the transaction, the vice president now directly owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Stephen T. Higgins sold 43,900 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $51.08, for a total transaction of $2,242,412.00. Following the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,331,577.16. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Douglas N. Currault II sold 55,000 shares of the stock in a transaction on Monday, April 29th. The shares were sold at an average price of $51.99, for a total value of $2,859,450.00. Following the transaction, the vice president now directly owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The disclosure for this sale can be found here. Insiders have sold 310,896 shares of company stock valued at $15,811,399 in the last quarter. Corporate insiders own 0.78% of the company’s stock.

Freeport-McMoRan Company Profile

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.