Resonant Capital Advisors LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 7,027 shares of the natural resource company’s stock, valued at approximately $267,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Fisher Asset Management LLC increased its position in shares of Freeport-McMoRan by 2.1% during the third quarter. Fisher Asset Management LLC now owns 53,167,066 shares of the natural resource company’s stock worth $1,453,056,000 after acquiring an additional 1,099,150 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Freeport-McMoRan by 6.6% during the third quarter. Bank of New York Mellon Corp now owns 18,433,904 shares of the natural resource company’s stock worth $503,798,000 after acquiring an additional 1,137,888 shares in the last quarter. Diamond Hill Capital Management Inc. increased its position in shares of Freeport-McMoRan by 6.5% during the third quarter. Diamond Hill Capital Management Inc. now owns 13,835,095 shares of the natural resource company’s stock worth $378,113,000 after acquiring an additional 848,024 shares in the last quarter. Putnam Investments LLC increased its position in shares of Freeport-McMoRan by 0.3% during the third quarter. Putnam Investments LLC now owns 13,295,634 shares of the natural resource company’s stock worth $363,370,000 after acquiring an additional 37,859 shares in the last quarter. Finally, Public Investment Fund bought a new stake in shares of Freeport-McMoRan during the second quarter worth about $377,321,000. 77.12% of the stock is owned by institutional investors.
Insider Activity at Freeport-McMoRan
In related news, CAO Ellie L. Mikes sold 11,678 shares of the company’s stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $43.17, for a total transaction of $504,139.26. Following the sale, 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 filing with the Securities & Exchange Commission, which is accessible through this link. 0.72% of the stock is currently owned by corporate insiders.
Freeport-McMoRan Stock Up 1.8 %
Freeport-McMoRan (NYSE:FCX – Get Rating) last announced its quarterly earnings results on Wednesday, January 25th. The natural resource company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. The company had revenue of $5.75 billion for the quarter, compared to analysts’ expectations of $5.42 billion. Freeport-McMoRan had a net margin of 15.22% and a return on equity of 14.59%. Freeport-McMoRan’s revenue was down 6.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.96 EPS. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.98 earnings per share for the current year.
Freeport-McMoRan Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, May 1st. Investors of record on Friday, April 14th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date of this dividend is Thursday, April 13th. Freeport-McMoRan’s payout ratio is currently 12.66%.
Analyst Upgrades and Downgrades
FCX has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Freeport-McMoRan from $35.00 to $40.00 in a research report on Tuesday, January 10th. UBS Group upped their price objective on shares of Freeport-McMoRan from $32.00 to $41.00 and gave the stock a “neutral” rating in a research report on Monday, February 27th. StockNews.com initiated coverage on shares of Freeport-McMoRan in a research report on Thursday, March 16th. They issued a “hold” rating for the company. Citigroup upped their price objective on shares of Freeport-McMoRan from $44.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, January 26th. Finally, Raymond James upped their price objective on shares of Freeport-McMoRan from $40.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 31st. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $39.38.
About Freeport-McMoRan
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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