ProShare Advisors LLC boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 5.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 307,368 shares of the natural resource company’s stock after acquiring an additional 16,223 shares during the quarter. ProShare Advisors LLC’s holdings in Freeport-McMoRan were worth $15,611,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Kohmann Bosshard Financial Services LLC acquired a new position in shares of Freeport-McMoRan in the 4th quarter valued at $38,000. JPL Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan during the 3rd quarter worth about $33,000. Laurel Wealth Advisors LLC acquired a new stake in shares of Freeport-McMoRan during the 4th quarter worth about $43,000. YANKCOM Partnership raised its holdings in Freeport-McMoRan by 83.3% in the 4th quarter. YANKCOM Partnership now owns 869 shares of the natural resource company’s stock valued at $44,000 after buying an additional 395 shares during the period. Finally, Elyxium Wealth LLC purchased a new stake in Freeport-McMoRan in the 4th quarter valued at about $45,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.
Insider Transactions at Freeport-McMoRan
In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 29,654 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $63.00, for a total value of $1,868,202.00. Following the completion of the transaction, the chief accounting officer owned 76,445 shares of the company’s stock, valued at $4,816,035. This trade represents a 27.95% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.75% of the stock is currently owned by company insiders.
Freeport-McMoRan Stock Performance
Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter in the prior year, the company earned $0.24 earnings per share. The business’s quarterly revenue was up 8.8% on a year-over-year basis. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.
Freeport-McMoRan Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were issued a dividend of $0.075 per share. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is 15.96%.
Analysts Set New Price Targets
Several brokerages have weighed in on FCX. Jefferies Financial Group set a $75.00 target price on shares of Freeport-McMoRan in a research note on Thursday, April 23rd. Stifel Nicolaus boosted their price target on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the company a “buy” rating in a research note on Wednesday, February 11th. JPMorgan Chase & Co. decreased their price objective on shares of Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a report on Monday, April 27th. Sanford C. Bernstein decreased their price objective on shares of Freeport-McMoRan from $54.00 to $53.50 and set a “market perform” rating on the stock in a report on Friday, April 24th. Finally, UBS Group lifted their target price on shares of Freeport-McMoRan from $66.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $65.14.
Check Out Our Latest Research Report on Freeport-McMoRan
Freeport-McMoRan Profile
Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.
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