EdgeRock Capital LLC Takes Position in Freeport-McMoRan Inc. (NYSE:FCX)

EdgeRock Capital LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, Holdings Channel.com reports. The firm purchased 884 shares of the natural resource company’s stock, valued at approximately $35,000.

A number of other institutional investors have also recently made changes to their positions in the business. Fulton Bank N.A. lifted its position in Freeport-McMoRan by 2.6% during the 4th quarter. Fulton Bank N.A. now owns 10,606 shares of the natural resource company’s stock worth $451,000 after acquiring an additional 267 shares during the period. Drive Wealth Management LLC increased its stake in shares of Freeport-McMoRan by 2.8% in the 4th quarter. Drive Wealth Management LLC now owns 9,840 shares of the natural resource company’s stock valued at $419,000 after purchasing an additional 267 shares in the last quarter. Sound Income Strategies LLC increased its stake in shares of Freeport-McMoRan by 38.8% in the 4th quarter. Sound Income Strategies LLC now owns 965 shares of the natural resource company’s stock valued at $41,000 after purchasing an additional 270 shares in the last quarter. PFG Investments LLC increased its stake in shares of Freeport-McMoRan by 1.7% in the 4th quarter. PFG Investments LLC now owns 16,844 shares of the natural resource company’s stock valued at $717,000 after purchasing an additional 285 shares in the last quarter. Finally, Oarsman Capital Inc. increased its stake in shares of Freeport-McMoRan by 0.7% in the 3rd quarter. Oarsman Capital Inc. now owns 45,869 shares of the natural resource company’s stock valued at $1,710,000 after purchasing an additional 304 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the subject of several recent analyst reports. HSBC lifted their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday, April 23rd. Raymond James boosted their price objective on Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 24th. Argus boosted their price objective 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 Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a research note on Tuesday, April 9th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price objective 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 given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.07.

Freeport-McMoRan Stock Performance

NYSE FCX traded down $1.43 during trading hours on Wednesday, hitting $49.96. The company had a trading volume of 14,150,824 shares, compared to its average volume of 14,289,620. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $52.52. The company has a market cap of $71.66 billion, a PE ratio of 44.21, a price-to-earnings-growth ratio of 8.19 and a beta of 2.02. The business has a 50 day moving average of $46.38 and a 200-day moving average of $41.14.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter in the prior year, the firm posted $0.52 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 17.3% on a year-over-year basis. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 1.66 EPS for the current year.

Freeport-McMoRan Announces Dividend

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

Insiders Place Their Bets

In other Freeport-McMoRan news, CEO Richard C. Adkerson sold 54,771 shares of Freeport-McMoRan stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $50.78, for a total value of $2,781,271.38. Following the completion of the sale, the chief executive officer now directly owns 3,652,478 shares of the company’s stock, valued at approximately $185,472,832.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Freeport-McMoRan news, CEO Richard C. Adkerson sold 54,771 shares of Freeport-McMoRan stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $50.78, for a total value of $2,781,271.38. Following the completion of the sale, the chief executive officer now directly owns 3,652,478 shares of the company’s stock, valued at approximately $185,472,832.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Stephen T. Higgins sold 42,767 shares of Freeport-McMoRan 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 completion of the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,255,381.95. The disclosure for this sale can be found here. In the last three months, insiders sold 365,667 shares of company stock valued at $18,592,670. Company 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.