First Hawaiian Bank Boosts Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Posted by Defense World Staff on Mar 22nd, 2023

First Hawaiian Bank grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) by 2.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 45,237 shares of the natural resource company’s stock after purchasing an additional 1,034 shares during the quarter. First Hawaiian Bank’s holdings in Freeport-McMoRan were worth $1,719,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Public Investment Fund purchased a new position in Freeport-McMoRan in the second quarter worth approximately $377,321,000. Amundi lifted its stake in Freeport-McMoRan by 233.8% in the second quarter. Amundi now owns 10,779,807 shares of the natural resource company’s stock worth $270,468,000 after acquiring an additional 7,550,525 shares during the last quarter. Neuberger Berman Group LLC lifted its stake in Freeport-McMoRan by 103.0% in the third quarter. Neuberger Berman Group LLC now owns 7,977,270 shares of the natural resource company’s stock worth $218,140,000 after acquiring an additional 4,048,053 shares during the last quarter. Barclays PLC lifted its stake in Freeport-McMoRan by 100.7% in the third quarter. Barclays PLC now owns 4,765,092 shares of the natural resource company’s stock worth $130,229,000 after acquiring an additional 2,391,131 shares during the last quarter. Finally, Two Sigma Investments LP purchased a new position in Freeport-McMoRan in the third quarter worth approximately $49,278,000. Hedge funds and other institutional investors own 77.12% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FCX. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Freeport-McMoRan from $35.00 to $40.00 in a report on Tuesday, January 10th. Raymond James raised their price objective on shares of Freeport-McMoRan from $40.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, January 31st. UBS Group raised their price objective on shares of Freeport-McMoRan from $32.00 to $41.00 and gave the stock a “neutral” rating in a report on Monday, February 27th. TheStreet raised shares of Freeport-McMoRan from a “c” rating to a “b” rating in a report on Wednesday, January 25th. Finally, Scotiabank raised shares of Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the stock from $41.00 to $50.00 in a report on Tuesday, March 14th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $41.21.

Insider Activity at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 11,678 shares of Freeport-McMoRan stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $43.17, for a total value of $504,139.26. Following the transaction, the chief accounting officer now directly owns 32,333 shares in the company, valued at approximately $1,395,815.61. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.72% of the stock is currently owned by insiders.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $38.26 on Wednesday. The firm’s fifty day moving average price is $42.30 and its 200 day moving average price is $36.91. Freeport-McMoRan Inc. has a 1-year low of $24.80 and a 1-year high of $51.99. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.46 and a quick ratio of 1.64. The firm has a market cap of $54.74 billion, a price-to-earnings ratio of 16.14 and a beta of 2.02.

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

Freeport-McMoRan 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.