Balentine LLC grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) by 20.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,975 shares of the natural resource company’s stock after buying an additional 2,222 shares during the quarter. Balentine LLC’s holdings in Freeport-McMoRan were worth $493,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Fisher Asset Management LLC lifted its holdings in shares of Freeport-McMoRan by 2.1% during the 3rd quarter. Fisher Asset Management LLC now owns 53,167,066 shares of the natural resource company’s stock valued at $1,453,056,000 after buying an additional 1,099,150 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Freeport-McMoRan by 6.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 18,433,904 shares of the natural resource company’s stock valued at $503,798,000 after buying an additional 1,137,888 shares during the period. Diamond Hill Capital Management Inc. increased its stake in shares of Freeport-McMoRan by 6.5% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 13,835,095 shares of the natural resource company’s stock worth $378,113,000 after purchasing an additional 848,024 shares in the last quarter. Putnam Investments LLC increased its stake in shares of Freeport-McMoRan by 0.3% in the 3rd quarter. Putnam Investments LLC now owns 13,295,634 shares of the natural resource company’s stock worth $363,370,000 after purchasing an additional 37,859 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Freeport-McMoRan by 0.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 11,974,951 shares of the natural resource company’s stock worth $327,371,000 after purchasing an additional 86,432 shares in the last quarter. 77.12% of the stock is owned by institutional investors.
Freeport-McMoRan Stock Up 0.5 %
FCX opened at $43.16 on Friday. The firm has a 50-day simple moving average of $40.50 and a two-hundred day simple moving average of $38.29. Freeport-McMoRan Inc. has a 52 week low of $24.80 and a 52 week high of $51.34. The company has a market capitalization of $61.75 billion, a PE ratio of 18.21 and a beta of 2.01. 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 Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 1st. Shareholders of record on Friday, April 14th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.39%. The ex-dividend date is Thursday, April 13th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 12.66%.
Insider Buying and Selling at Freeport-McMoRan
In related news, CAO Ellie L. Mikes sold 11,678 shares of the stock in a transaction dated Wednesday, March 1st. The shares were 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 owns 32,333 shares of the company’s stock, valued at approximately $1,395,815.61. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.72% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft upped their price objective on Freeport-McMoRan from $35.00 to $40.00 in a research note on Tuesday, January 10th. Scotiabank upgraded Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and upped their price objective for the stock from $41.00 to $50.00 in a research note on Tuesday, March 14th. Citigroup upped their price objective on Freeport-McMoRan from $44.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, January 26th. StockNews.com initiated coverage on Freeport-McMoRan in a research note on Thursday, March 16th. They issued a “hold” rating for the company. Finally, UBS Group increased their price target on Freeport-McMoRan from $32.00 to $41.00 and gave the stock a “neutral” rating in a research note on Monday, February 27th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Hold” and an average price target 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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