Alerus Financial NA Purchases 3,391 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Posted by Defense World Staff on Jun 13th, 2023

Alerus Financial NA raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) by 7.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 50,681 shares of the natural resource company’s stock after purchasing an additional 3,391 shares during the quarter. Alerus Financial NA’s holdings in Freeport-McMoRan were worth $1,926,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Fairfield Bush & CO. bought a new position in shares of Freeport-McMoRan during the 1st quarter valued at approximately $26,000. WFA of San Diego LLC bought a new position in shares of Freeport-McMoRan during the 4th quarter valued at approximately $27,000. M&R Capital Management Inc. grew its stake in shares of Freeport-McMoRan by 61.0% during the 4th quarter. M&R Capital Management Inc. now owns 805 shares of the natural resource company’s stock valued at $31,000 after acquiring an additional 305 shares during the period. Sound Income Strategies LLC grew its stake in shares of Freeport-McMoRan by 48.8% during the 4th quarter. Sound Income Strategies LLC now owns 872 shares of the natural resource company’s stock valued at $33,000 after acquiring an additional 286 shares during the period. Finally, Duncker Streett & Co. Inc. bought a new position in shares of Freeport-McMoRan during the 4th quarter valued at approximately $38,000. 77.12% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

FCX has been the subject of a number of recent research reports. Scotiabank upgraded Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the company from $41.00 to $50.00 in a research note on Tuesday, March 14th. UBS Group boosted their price target on Freeport-McMoRan from $32.00 to $41.00 and gave the stock a “neutral” rating in a report on Monday, February 27th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday. Barclays boosted their price target on Freeport-McMoRan from $24.00 to $29.00 and gave the stock an “underweight” rating in a report on Friday, April 21st. Finally, Raymond James lowered their price target on Freeport-McMoRan from $48.00 to $47.00 and set an “outperform” rating on the stock in a report on Sunday, April 23rd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Hold” and a consensus target price of $38.42.

Freeport-McMoRan Stock Down 0.2 %

Shares of FCX opened at $37.82 on Tuesday. The stock has a market capitalization of $54.21 billion, a price-to-earnings ratio of 21.13 and a beta of 2.00. Freeport-McMoRan Inc. has a 1 year low of $24.80 and a 1 year high of $46.73. The business’s 50 day simple moving average is $37.62 and its 200-day simple moving average is $39.62. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.79 and a quick ratio of 1.71.

Freeport-McMoRan (NYSE:FCX – Get Rating) last released its quarterly earnings results on Friday, April 21st. The natural resource company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.05. Freeport-McMoRan had a return on equity of 11.07% and a net margin of 12.07%. The company had revenue of $5.39 billion for the quarter, compared to analyst estimates of $5.25 billion. During the same quarter in the prior year, the firm posted $1.07 EPS. Freeport-McMoRan’s quarterly revenue was down 18.4% compared to the same quarter last year. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.92 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 1st. Investors of record on Friday, April 14th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, April 13th. This represents a $0.60 annualized dividend and a yield of 1.59%. Freeport-McMoRan’s payout ratio is presently 16.76%.

Insider Activity at Freeport-McMoRan

In related news, Director Sara Grootwassink Lewis purchased 4,000 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The shares were bought at an average price of $34.90 per share, for a total transaction of $139,600.00. Following the acquisition, the director now owns 17,800 shares of the company’s stock, valued at approximately $621,220. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.78% of the stock is currently owned by insiders.

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.