Coldstream Capital Management Inc. Takes $741,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

Posted by on Mar 20th, 2023

Coldstream Capital Management Inc. purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 19,511 shares of the natural resource company’s stock, valued at approximately $741,000.

Other large investors also recently bought and sold shares of the company. Fairfield Bush & CO. acquired a new position in shares of Freeport-McMoRan during the 1st quarter worth approximately $26,000. Founders Capital Management acquired a new position in Freeport-McMoRan during the third quarter worth $27,000. Assetmark Inc. grew its holdings in Freeport-McMoRan by 54.1% in the 3rd quarter. Assetmark Inc. now owns 1,051 shares of the natural resource company’s stock valued at $29,000 after buying an additional 369 shares in the last quarter. Western Pacific Wealth Management LP acquired a new stake in shares of Freeport-McMoRan in the 3rd quarter worth $30,000. Finally, First Command Bank purchased a new position in shares of Freeport-McMoRan during the 3rd quarter worth $32,000. Hedge funds and other institutional investors own 77.12% of the company’s stock.

Freeport-McMoRan Stock Up 0.4 %

Shares of NYSE FCX opened at $36.23 on Monday. The stock has a market capitalization of $51.83 billion, a price-to-earnings ratio of 15.29 and a beta of 2.02. Freeport-McMoRan Inc. has a 52 week low of $24.80 and a 52 week high of $51.99. The firm has a 50-day moving average price of $42.41 and a 200 day moving average price of $36.85. The company has a quick ratio of 1.64, a current ratio of 2.46 and a debt-to-equity ratio of 0.39.

Freeport-McMoRan (NYSE:FCX – Get Rating) last posted its quarterly earnings results on Wednesday, January 25th. The natural resource company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. The company had revenue of $5.75 billion during the quarter, compared to the consensus estimate of $5.42 billion. Freeport-McMoRan had a net margin of 15.22% and a return on equity of 14.59%. The company’s revenue for the quarter was down 6.7% on a year-over-year basis. During the same period last year, the firm earned $0.96 EPS. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.98 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 1st. Shareholders 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 dividend on an annualized basis and a yield of 1.66%. Freeport-McMoRan’s payout ratio is 12.66%.

Analyst Ratings Changes

FCX has been the subject of several recent analyst reports. StockNews.com began coverage on shares of Freeport-McMoRan in a research report on Thursday. They set a “hold” rating for the company. Citigroup lifted their target price on Freeport-McMoRan from $44.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, January 26th. TheStreet raised Freeport-McMoRan from a “c” rating to a “b” rating in a research report on Wednesday, January 25th. Royal Bank of Canada upped their target price on Freeport-McMoRan from $40.00 to $47.00 and gave the company a “sector perform” rating in a research report on Thursday, January 26th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Freeport-McMoRan from $35.00 to $40.00 in a research note on Tuesday, January 10th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $41.21.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 11,678 shares of the business’s stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $43.17, for a total value of $504,139.26. Following the completion of the transaction, the chief accounting officer now directly owns 32,333 shares in the company, valued at approximately $1,395,815.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.72% of the stock is owned by corporate insiders.

Freeport-McMoRan Company Profile

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

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