Kathleen L. Quirk Acquires 50,000 Shares of Freeport-McMoRan Inc (NYSE:FCX) Stock

Freeport-McMoRan Inc (NYSE:FCX) CFO Kathleen L. Quirk acquired 50,000 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was bought at an average cost of $10.49 per share, with a total value of $524,500.00. Following the purchase, the chief financial officer now owns 920,769 shares in the company, valued at $9,658,866.81. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

FCX opened at $10.61 on Tuesday. Freeport-McMoRan Inc has a twelve month low of $9.47 and a twelve month high of $18.36. The company has a quick ratio of 1.41, a current ratio of 2.79 and a debt-to-equity ratio of 0.56. The firm has a market cap of $15.01 billion, a PE ratio of 6.98 and a beta of 2.27.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, April 25th. The natural resource company reported $0.05 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.03). Freeport-McMoRan had a return on equity of 10.31% and a net margin of 9.09%. The firm had revenue of $3.79 billion for the quarter, compared to analyst estimates of $3.77 billion. During the same quarter last year, the company earned $0.46 earnings per share. The company’s quarterly revenue was down 22.1% compared to the same quarter last year. As a group, research analysts anticipate that Freeport-McMoRan Inc will post 0.46 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Ffcm LLC increased its position in shares of Freeport-McMoRan by 7.3% during the fourth quarter. Ffcm LLC now owns 14,911 shares of the natural resource company’s stock worth $154,000 after buying an additional 1,019 shares during the period. Sigma Planning Corp increased its position in shares of Freeport-McMoRan by 9.1% during the first quarter. Sigma Planning Corp now owns 13,289 shares of the natural resource company’s stock worth $171,000 after buying an additional 1,106 shares during the period. Diligent Investors LLC increased its position in shares of Freeport-McMoRan by 6.8% during the first quarter. Diligent Investors LLC now owns 17,378 shares of the natural resource company’s stock worth $224,000 after buying an additional 1,107 shares during the period. MML Investors Services LLC increased its position in shares of Freeport-McMoRan by 2.1% during the first quarter. MML Investors Services LLC now owns 55,449 shares of the natural resource company’s stock worth $715,000 after buying an additional 1,146 shares during the period. Finally, Sheaff Brock Investment Advisors LLC increased its position in shares of Freeport-McMoRan by 10.2% during the first quarter. Sheaff Brock Investment Advisors LLC now owns 12,971 shares of the natural resource company’s stock worth $167,000 after buying an additional 1,205 shares during the period. Institutional investors own 72.55% of the company’s stock.

FCX has been the subject of several analyst reports. Citigroup raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the company from $14.00 to $16.00 in a research note on Tuesday, February 19th. Morgan Stanley downgraded shares of Freeport-McMoRan from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 13th. UBS Group set a $14.00 price target on shares of Freeport-McMoRan and gave the company a “hold” rating in a research note on Friday, April 5th. Zacks Investment Research raised shares of Freeport-McMoRan from a “strong sell” rating to a “hold” rating in a research note on Thursday, February 14th. Finally, Barclays raised their price target on shares of Freeport-McMoRan from $11.00 to $12.00 and gave the company an “underweight” rating in a research note on Tuesday, April 9th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $15.01.

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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, Other, and Eliminations.

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