Cary Street Partners Investment Advisory LLC Raises Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Cary Street Partners Investment Advisory LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 855.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,164 shares of the natural resource company’s stock after acquiring an additional 5,519 shares during the period. Cary Street Partners Investment Advisory LLC’s holdings in Freeport-McMoRan were worth $257,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of FCX. Bruce G. Allen Investments LLC purchased a new stake in Freeport-McMoRan in the fourth quarter valued at $27,000. BluePath Capital Management LLC purchased a new stake in Freeport-McMoRan in the 3rd quarter valued at about $28,000. Webster Bank N. A. lifted its position in Freeport-McMoRan by 6,469.2% in the fourth quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock valued at $36,000 after buying an additional 841 shares during the last quarter. CVA Family Office LLC purchased a new position in Freeport-McMoRan during the fourth quarter worth about $38,000. Finally, Orion Capital Management LLC acquired a new stake in shares of Freeport-McMoRan during the third quarter valued at about $40,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $49.91 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $52.52. The firm has a market capitalization of $71.59 billion, a P/E ratio of 44.17, a P/E/G ratio of 8.09 and a beta of 2.02. The company’s fifty day moving average price is $45.21 and its 200 day moving average price is $40.62.

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

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a yield of 1.20%. Freeport-McMoRan’s payout ratio is currently 26.55%.

Insider Transactions at Freeport-McMoRan

In other news, CEO Richard C. Adkerson sold 169,229 shares of the business’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $50.56, for a total transaction of $8,556,218.24. Following the transaction, the chief executive officer now directly owns 3,707,249 shares in the company, valued at $187,438,509.44. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Freeport-McMoRan news, CEO Richard C. Adkerson sold 169,229 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $50.56, for a total transaction of $8,556,218.24. Following the transaction, the chief executive officer now owns 3,707,249 shares in the company, valued at approximately $187,438,509.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $51.99, for a total value of $2,859,450.00. Following the completion of the sale, the vice president now directly owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The disclosure for this sale can be found here. Company insiders own 0.78% of the company’s stock.

Wall Street Analyst Weigh In

FCX has been the topic of several recent analyst reports. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective on the stock in a report on Tuesday, April 9th. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Thursday, April 25th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a report on Thursday, January 25th. JPMorgan Chase & Co. lowered their target price on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a report on Wednesday, April 24th. Finally, Argus increased their price target on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.07.

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.