Israel Discount Bank of New York Decreases Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Israel Discount Bank of New York reduced its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,269 shares of the natural resource company’s stock after selling 311 shares during the quarter. Israel Discount Bank of New York’s holdings in Freeport-McMoRan were worth $224,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Bruce G. Allen Investments LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth $27,000. BluePath Capital Management LLC acquired a new position in shares of Freeport-McMoRan during the third quarter worth $28,000. Webster Bank N. A. lifted its position in shares of Freeport-McMoRan by 6,469.2% during the fourth quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock worth $36,000 after purchasing an additional 841 shares in the last quarter. CVA Family Office LLC acquired a new stake in Freeport-McMoRan in the fourth quarter valued at $38,000. Finally, Venturi Wealth Management LLC raised its holdings in Freeport-McMoRan by 122.5% in the fourth quarter. Venturi Wealth Management LLC now owns 930 shares of the natural resource company’s stock valued at $40,000 after acquiring an additional 512 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FCX has been the topic of several recent analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 price target on shares of Freeport-McMoRan in a report on Thursday, January 25th. HSBC boosted their target price on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday, April 23rd. Raymond James boosted their target price on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a research note on Wednesday, April 24th. Argus boosted their target price on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a research report on Tuesday, April 9th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $50.07.

Freeport-McMoRan Stock Up 3.6 %

Shares of NYSE FCX traded up $1.81 during mid-day trading on Monday, reaching $52.31. The company had a trading volume of 15,466,315 shares, compared to its average volume of 14,000,947. The stock has a fifty day moving average of $44.70 and a two-hundred day moving average of $40.40. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35. The company has a market capitalization of $75.03 billion, a price-to-earnings ratio of 44.69, a PEG ratio of 8.18 and a beta of 2.04. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $52.42.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The business had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The firm’s revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.52 earnings per share. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 1.67 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.