Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Trust Co. of Toledo NA OH

Trust Co. of Toledo NA OH lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.5% during the first quarter, Holdings Channel reports. The fund owned 22,121 shares of the natural resource company’s stock after acquiring an additional 738 shares during the period. Trust Co. of Toledo NA OH’s holdings in Freeport-McMoRan were worth $838,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in Freeport-McMoRan by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company’s stock worth $4,692,191,000 after purchasing an additional 642,776 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Freeport-McMoRan by 21.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company’s stock worth $1,214,203,000 after buying an additional 5,735,171 shares during the period. Geode Capital Management LLC raised its holdings in Freeport-McMoRan by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 29,579,298 shares of the natural resource company’s stock valued at $1,122,922,000 after acquiring an additional 688,240 shares in the last quarter. Franklin Resources Inc. lifted its stake in Freeport-McMoRan by 8.0% in the fourth quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company’s stock worth $1,123,445,000 after acquiring an additional 2,191,926 shares during the last quarter. Finally, Capital World Investors grew its holdings in Freeport-McMoRan by 3.2% during the 4th quarter. Capital World Investors now owns 24,055,524 shares of the natural resource company’s stock worth $916,037,000 after acquiring an additional 750,500 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Down 0.8%

NYSE FCX opened at $40.86 on Monday. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The business has a 50 day moving average price of $37.39 and a two-hundred day moving average price of $38.20. The stock has a market cap of $58.72 billion, a PE ratio of 31.68, a P/E/G ratio of 0.87 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The business had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.36 billion. During the same period in the previous year, the company earned $0.32 earnings per share. The company’s revenue for the quarter was down 9.4% compared to the same quarter last year. As a group, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.47%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio is currently 24.79%.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Jefferies Financial Group reissued a “buy” rating and issued a $50.00 target price (up previously from $48.00) on shares of Freeport-McMoRan in a report on Friday, April 25th. UBS Group cut their target price on Freeport-McMoRan from $52.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. JPMorgan Chase & Co. dropped their price target on shares of Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Finally, Wolfe Research upgraded shares of Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a research report on Wednesday, April 16th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $47.82.

Insider Buying and Selling at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the company’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total transaction of $343,531.68. Following the sale, the chief accounting officer now directly owns 48,333 shares of the company’s stock, valued at approximately $1,934,286.66. This represents a 15.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.75% of the stock is currently owned by insiders.

Freeport-McMoRan 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.