Baker Tilly Wealth Management LLC Increases Position in Freeport-McMoRan Inc. (NYSE:FCX)

Baker Tilly Wealth Management LLC raised its position in Freeport-McMoRan Inc. (NYSE:FCXGet Rating) by 20.9% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 17,901 shares of the natural resource company’s stock after purchasing an additional 3,090 shares during the period. Baker Tilly Wealth Management LLC’s holdings in Freeport-McMoRan were worth $747,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Capital Research Global Investors lifted its holdings in Freeport-McMoRan by 5.5% in the 3rd quarter. Capital Research Global Investors now owns 61,756,575 shares of the natural resource company’s stock valued at $2,008,945,000 after purchasing an additional 3,223,718 shares in the last quarter. Fisher Asset Management LLC boosted its stake in Freeport-McMoRan by 4.0% during the fourth quarter. Fisher Asset Management LLC now owns 48,853,445 shares of the natural resource company’s stock worth $2,038,654,000 after buying an additional 1,864,521 shares during the last quarter. Geode Capital Management LLC boosted its stake in Freeport-McMoRan by 1.5% during the third quarter. Geode Capital Management LLC now owns 24,330,924 shares of the natural resource company’s stock worth $789,267,000 after buying an additional 354,835 shares during the last quarter. Northern Trust Corp grew its position in Freeport-McMoRan by 2.2% in the fourth quarter. Northern Trust Corp now owns 18,541,750 shares of the natural resource company’s stock worth $773,747,000 after acquiring an additional 397,852 shares during the period. Finally, Janus Henderson Group PLC grew its position in Freeport-McMoRan by 115.5% in the third quarter. Janus Henderson Group PLC now owns 15,853,192 shares of the natural resource company’s stock worth $515,709,000 after acquiring an additional 8,496,718 shares during the period. Institutional investors own 76.05% of the company’s stock.

Several research analysts recently weighed in on FCX shares. Raymond James set a $59.00 price objective on Freeport-McMoRan and gave the stock an “outperform” rating in a research report on Friday, April 22nd. Exane BNP Paribas downgraded shares of Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $50.00 target price for the company. in a report on Tuesday, April 5th. Jefferies Financial Group lifted their target price on shares of Freeport-McMoRan from $58.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, March 24th. Morgan Stanley dropped their target price on shares of Freeport-McMoRan from $43.00 to $39.00 and set an “equal weight” rating for the company in a report on Monday. Finally, Stifel Nicolaus lifted their target price on shares of Freeport-McMoRan from $49.00 to $54.00 in a report on Thursday, March 17th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $46.57.

In other Freeport-McMoRan news, Director Hugh Grant bought 12,300 shares of the firm’s stock in a transaction that occurred on Monday, April 25th. The stock was purchased at an average price of $40.75 per share, for a total transaction of $501,225.00. Following the completion of the purchase, the director now directly owns 15,776 shares in the company, valued at $642,872. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Kathleen L. Quirk sold 40,500 shares of the business’s stock in a transaction that occurred on Friday, February 4th. The stock was sold at an average price of $38.55, for a total value of $1,561,275.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 164,670 shares of company stock valued at $7,002,730. 0.72% of the stock is owned by company insiders.

Shares of NYSE:FCX opened at $41.84 on Friday. The firm’s 50 day moving average price is $47.45 and its 200 day moving average price is $42.38. The stock has a market cap of $60.87 billion, a price-to-earnings ratio of 12.13, a price-to-earnings-growth ratio of 0.39 and a beta of 2.00. Freeport-McMoRan Inc. has a fifty-two week low of $30.02 and a fifty-two week high of $51.99. The company has a quick ratio of 1.75, a current ratio of 2.37 and a debt-to-equity ratio of 0.34.

Freeport-McMoRan (NYSE:FCXGet Rating) last issued its earnings results on Thursday, April 21st. The natural resource company reported $1.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.13. The firm had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.29 billion. Freeport-McMoRan had a net margin of 20.79% and a return on equity of 24.06%. The firm’s revenue was up 36.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.51 earnings per share. On average, equities analysts anticipate that Freeport-McMoRan Inc. will post 3.88 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 2nd. Investors of record on Thursday, April 14th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.43%. The ex-dividend date of this dividend is Wednesday, April 13th. Freeport-McMoRan’s payout ratio is 8.70%.

About Freeport-McMoRan (Get Rating)

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

See Also

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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