M&T Bank Corp Has $13.37 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

M&T Bank Corp reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 9.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 314,003 shares of the natural resource company’s stock after selling 32,657 shares during the quarter. M&T Bank Corp’s holdings in Freeport-McMoRan were worth $13,367,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FCX. Vanguard Group Inc. lifted its holdings in shares of Freeport-McMoRan by 0.3% in 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 holdings in Freeport-McMoRan by 1.9% during the 4th quarter. Fisher Asset Management LLC now owns 55,710,695 shares of the natural resource company’s stock worth $2,371,604,000 after acquiring an additional 1,030,451 shares during the last quarter. Northern Trust Corp grew its stake in shares of Freeport-McMoRan by 4.2% in the 3rd quarter. Northern Trust Corp now owns 17,756,034 shares of the natural resource company’s stock worth $662,123,000 after acquiring an additional 709,114 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of 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 valued at $279,977,000 after purchasing an additional 102,466 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Freeport-McMoRan by 18.2% during 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 purchasing an additional 986,703 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Bernstein Bank increased their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday, April 23rd. Raymond James upped their price objective on Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a research note on Wednesday, April 24th. Argus lifted their target price on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. 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. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 target price on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.07.

Freeport-McMoRan Trading Up 3.4 %

Shares of FCX traded up $1.67 during trading hours on Friday, reaching $50.45. 14,498,117 shares of the company traded hands, compared to its average volume of 17,456,276. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $52.52. The company has a market capitalization of $72.37 billion, a price-to-earnings ratio of 44.65, a price-to-earnings-growth ratio of 8.19 and a beta of 2.02. The company’s fifty day moving average price is $45.86 and its two-hundred day moving average price is $40.87. The company has a quick ratio of 1.41, a current ratio of 2.35 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The company had revenue of $6.32 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter in the previous year, the company earned $0.52 EPS. Freeport-McMoRan’s revenue for the quarter was up 17.3% on a year-over-year basis. Equities research analysts predict that Freeport-McMoRan Inc. will post 1.66 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors 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 dividend yield of 1.19%. Freeport-McMoRan’s dividend payout ratio is 26.55%.

Insider Activity at Freeport-McMoRan

In other news, VP Douglas N. Currault II sold 55,000 shares of Freeport-McMoRan stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $51.99, for a total value of $2,859,450.00. Following the completion of the transaction, the vice president now owns 164,067 shares in the company, valued at approximately $8,529,843.33. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction dated 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 owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Stephen T. Higgins sold 43,900 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $51.08, for a total value of $2,242,412.00. Following the transaction, the chief accounting officer now directly owns 104,377 shares in the company, valued at approximately $5,331,577.16. The disclosure for this sale can be found here. Over the last three months, insiders sold 310,896 shares of company stock valued at $15,811,399. Insiders own 0.78% of the company’s stock.

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.