Connecticut Wealth Management LLC Invests $590,000 in Freeport-McMoRan Inc. (NYSE:FCX)

Connecticut Wealth Management LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 13,866 shares of the natural resource company’s stock, valued at approximately $590,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CM Management LLC grew its stake in shares of Freeport-McMoRan by 80.0% in the third quarter. CM Management LLC now owns 36,000 shares of the natural resource company’s stock valued at $1,342,000 after acquiring an additional 16,000 shares in the last quarter. Signature Estate & Investment Advisors LLC boosted its holdings in Freeport-McMoRan by 6.4% in the 4th quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock valued at $14,726,000 after purchasing an additional 20,894 shares during the period. Cadinha & Co. LLC grew its position in shares of Freeport-McMoRan by 59.0% during the 4th quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock worth $27,572,000 after purchasing an additional 240,340 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings 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 worth $279,977,000 after purchasing an additional 102,466 shares during the period. Finally, Alphinity Investment Management Pty Ltd raised its position in shares of Freeport-McMoRan by 57.4% in the third quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock valued at $201,039,000 after buying an additional 1,965,987 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Bernstein Bank increased their target price on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday, April 23rd. JPMorgan Chase & Co. decreased their price target on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 24th. Raymond James upped their price objective on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. Finally, 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 research note on Tuesday, April 9th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.07.

Freeport-McMoRan Price Performance

NYSE:FCX traded up $1.67 on Friday, hitting $50.45. The company had a trading volume of 14,498,117 shares, compared to its average volume of 17,456,276. The firm has a 50 day moving average of $45.86 and a two-hundred day moving average of $40.87. The stock has a market capitalization of $72.37 billion, a price-to-earnings ratio of 44.65, a PEG ratio of 8.19 and a beta of 2.02. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $52.52. The company has a current ratio of 2.35, a quick ratio of 1.41 and a debt-to-equity ratio of 0.31.

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

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th were paid 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 was Friday, April 12th. Freeport-McMoRan’s payout ratio is 26.55%.

Insider Transactions at Freeport-McMoRan

In related news, CAO Stephen T. Higgins sold 43,900 shares of the firm’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 completion of the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,331,577.16. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 43,900 shares of Freeport-McMoRan stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $51.08, for a total transaction of $2,242,412.00. Following the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at approximately $5,331,577.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Stephen T. Higgins sold 42,767 shares of Freeport-McMoRan stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,255,381.95. The disclosure for this sale can be found here. Over the last three months, insiders have sold 310,896 shares of company stock worth $15,811,399. Insiders own 0.78% of the company’s stock.

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.