EdgeRock Capital LLC Buys Shares of 884 Freeport-McMoRan Inc. (NYSE:FCX)

EdgeRock Capital LLC purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 884 shares of the natural resource company’s stock, valued at approximately $35,000.

Other large investors also recently modified their holdings of the company. Capital Wealth Planning LLC purchased a new position in shares of Freeport-McMoRan during the 3rd quarter valued at $160,160,000. Mizuho Markets Americas LLC bought a new position in Freeport-McMoRan in the 3rd quarter worth about $141,407,000. Alphinity Investment Management Pty Ltd raised its holdings in shares of Freeport-McMoRan by 57.4% in the 3rd quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock valued at $201,039,000 after acquiring an additional 1,965,987 shares in the last quarter. AustralianSuper Pty Ltd bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $66,993,000. Finally, Penserra Capital Management LLC grew its holdings in shares of Freeport-McMoRan by 16,058.7% during the third quarter. Penserra Capital Management LLC now owns 1,500,338 shares of the natural resource company’s stock worth $55,947,000 after purchasing an additional 1,491,053 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, VP Douglas N. Currault II sold 55,000 shares of the stock in a transaction on Monday, April 29th. The stock was sold at an average price of $51.99, for a total value of $2,859,450.00. Following the sale, the vice president now directly owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, VP Douglas N. Currault II sold 55,000 shares of the stock in a transaction on Monday, April 29th. The stock was sold at an average price of $51.99, for a total value of $2,859,450.00. Following the sale, the vice president now directly owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Stephen T. Higgins sold 43,900 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $51.08, for a total value of $2,242,412.00. Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,331,577.16. The disclosure for this sale can be found here. Insiders have sold a total of 365,667 shares of company stock valued at $18,592,670 over the last ninety days. Company insiders own 0.78% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FCX. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a research note on Tuesday, April 9th. StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 target price on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Bernstein Bank lifted 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, HSBC upped their price objective on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a report on Tuesday, April 23rd. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.07.

Freeport-McMoRan Stock Down 2.8 %

FCX stock traded down $1.43 during midday trading on Wednesday, hitting $49.96. The stock had a trading volume of 14,150,824 shares, compared to its average volume of 14,289,620. The firm has a market cap of $71.66 billion, a price-to-earnings ratio of 44.21, a price-to-earnings-growth ratio of 8.19 and a beta of 2.02. The business has a 50-day moving average of $46.38 and a two-hundred day moving average of $41.14. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week 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.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.05. The company had revenue of $6.32 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.52 earnings per share. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.66 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were paid a $0.15 dividend. The ex-dividend date of this dividend was Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.20%. Freeport-McMoRan’s payout ratio is 26.55%.

About Freeport-McMoRan

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.