PNC Financial Services Group Inc. boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 7.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 278,438 shares of the natural resource company’s stock after buying an additional 19,593 shares during the period. PNC Financial Services Group Inc.’s holdings in Freeport-McMoRan were worth $14,142,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of FCX. JPL Wealth Management LLC acquired a new stake in Freeport-McMoRan during the 3rd quarter worth about $33,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in Freeport-McMoRan during the 3rd quarter worth about $36,000. Kohmann Bosshard Financial Services LLC acquired a new stake in Freeport-McMoRan during the 4th quarter worth about $38,000. Laurel Wealth Advisors LLC acquired a new stake in Freeport-McMoRan during the 4th quarter worth about $43,000. Finally, YANKCOM Partnership raised its holdings in Freeport-McMoRan by 83.3% during the 4th quarter. YANKCOM Partnership now owns 869 shares of the natural resource company’s stock worth $44,000 after buying an additional 395 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.
Wall Street Analysts Forecast Growth
FCX has been the topic of several recent analyst reports. Freedom Capital upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Saturday, February 21st. Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Barclays started coverage on Freeport-McMoRan in a research note on Thursday. They set an “overweight” rating and a $77.00 target price on the stock. Sanford C. Bernstein lowered their target price on Freeport-McMoRan from $54.00 to $53.50 and set a “market perform” rating on the stock in a research note on Friday, April 24th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $65.72.
Freeport-McMoRan Trading Down 0.6%
NYSE:FCX opened at $61.92 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $70.96. The stock’s 50-day moving average is $61.41 and its two-hundred day moving average is $56.35. The stock has a market cap of $89.01 billion, a PE ratio of 32.94, a price-to-earnings-growth ratio of 0.75 and a beta of 1.32.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter in the previous year, the company posted $0.24 earnings per share. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.
Freeport-McMoRan Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Wednesday, April 15th. Freeport-McMoRan’s payout ratio is currently 15.96%.
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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