Baxter Bros Inc. Has $2.04 Million Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Baxter Bros Inc. cut its position in Freeport-McMoRan Inc. (NYSE:FCX) by 12.0% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 47,806 shares of the natural resource company’s stock after selling 6,500 shares during the quarter. Baxter Bros Inc.’s holdings in Freeport-McMoRan were worth $2,035,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Freeport-McMoRan by 0.3% during the third quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock valued at $4,451,285,000 after purchasing an additional 305,912 shares in the last quarter. Fisher Asset Management LLC boosted its stake in Freeport-McMoRan by 1.9% in the fourth quarter. Fisher Asset Management LLC now owns 55,710,695 shares of the natural resource company’s stock valued at $2,371,604,000 after buying an additional 1,030,451 shares in the last quarter. Northern Trust Corp grew its position in Freeport-McMoRan by 4.2% in the third quarter. Northern Trust Corp now owns 17,756,034 shares of the natural resource company’s stock valued at $662,123,000 after acquiring an additional 709,114 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Freeport-McMoRan by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock worth $279,977,000 after acquiring an additional 102,466 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Freeport-McMoRan by 18.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 6,393,868 shares of the natural resource company’s stock worth $238,427,000 after acquiring an additional 986,703 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Insider Transactions at Freeport-McMoRan

In related news, CAO Stephen T. Higgins sold 42,767 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,255,381.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Stephen T. Higgins sold 42,767 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at approximately $5,255,381.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 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 approximately $8,529,843.33. The disclosure for this sale can be found here. Insiders sold a total of 310,896 shares of company stock valued at $15,811,399 in the last quarter. 0.78% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research report on Wednesday, April 24th. Scotiabank dropped their price target on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating for the company in a research note on Wednesday, April 24th. HSBC boosted their price objective on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research report on Tuesday, April 23rd. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price for the company in a research report on Tuesday, April 9th. Finally, Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $41.00 to $48.50 in a report on Monday, January 8th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $50.07.

Freeport-McMoRan Trading Up 3.4 %

Shares of FCX traded up $1.67 during trading hours on Friday, hitting $50.45. 14,498,117 shares of the stock were exchanged, compared to its average volume of 17,456,276. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $52.52. The business has a 50-day moving average of $45.86 and a 200-day moving average of $40.87. The firm has a market capitalization of $72.37 billion, a P/E ratio of 44.65, a price-to-earnings-growth ratio of 8.19 and a beta of 2.02. 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 (NYSE:FCX) last posted its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The firm had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same period last year, the company posted $0.52 EPS. The business’s quarterly revenue was up 17.3% on a year-over-year basis. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.66 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend was Friday, April 12th. Freeport-McMoRan’s payout ratio is 26.55%.

Freeport-McMoRan Company Profile

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.