HighPoint Advisor Group LLC Invests $1.90 Million in Freeport-McMoRan Inc. (NYSE:FCX)

HighPoint Advisor Group LLC acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 41,962 shares of the natural resource company’s stock, valued at approximately $1,903,000.

Other large investors also recently bought and sold shares of the company. Bruce G. Allen Investments LLC purchased a new stake in Freeport-McMoRan during the 4th quarter worth approximately $27,000. Jones Financial Companies Lllp grew its position in Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 532 shares during the last quarter. Vermillion & White Wealth Management Group LLC purchased a new stake in Freeport-McMoRan during the 4th quarter worth approximately $32,000. Webster Bank N. A. grew its position in Freeport-McMoRan by 6,469.2% during the 4th quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock worth $36,000 after purchasing an additional 841 shares during the last quarter. Finally, EdgeRock Capital LLC purchased a new stake in Freeport-McMoRan during the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FCX. Bernstein Bank upped their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a report on Tuesday, April 23rd. JPMorgan Chase & Co. dropped their price objective on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, April 24th. HSBC upped their price objective on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a report on Tuesday, April 23rd. Raymond James upped their price objective on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a report on Monday, June 10th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $51.47.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $47.69 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35. The company’s fifty day moving average price is $50.71 and its 200 day moving average price is $44.51. The company has a market capitalization of $68.51 billion, a PE ratio of 42.20, a price-to-earnings-growth ratio of 2.06 and a beta of 1.96. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping 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 net margin of 6.97% and a return on equity of 7.17%. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.52 earnings per share. On average, research analysts predict that Freeport-McMoRan Inc. will post 1.71 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date was Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Insiders Place Their Bets

In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the company’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the completion of the transaction, the vice president now directly owns 164,067 shares in the company, valued at $8,529,843.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Richard C. Adkerson sold 169,229 shares of the stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $50.56, for a total value of $8,556,218.24. Following the completion of the sale, the chief executive officer now directly owns 3,707,249 shares in the company, valued at $187,438,509.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Douglas N. Currault II sold 55,000 shares of the stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the completion of the sale, the vice president now owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 445,667 shares of company stock worth $22,755,070. Company insiders own 0.79% 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.