Riverview Trust Co Acquires New Shares in Freeport-McMoRan Inc. (NYSE:FCX)

Riverview Trust Co acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,527 shares of the natural resource company’s stock, valued at approximately $119,000.

Several other hedge funds have also recently bought and sold shares of the company. Annex Advisory Services LLC increased its stake in Freeport-McMoRan by 16.2% in the 1st quarter. Annex Advisory Services LLC now owns 563,489 shares of the natural resource company’s stock valued at $26,495,000 after purchasing an additional 78,375 shares in the last quarter. Wealth Management Partners LLC increased its position in Freeport-McMoRan by 14.0% during the first quarter. Wealth Management Partners LLC now owns 17,075 shares of the natural resource company’s stock worth $803,000 after buying an additional 2,100 shares in the last quarter. Perkins Coie Trust Co increased its position in Freeport-McMoRan by 2.8% during the first quarter. Perkins Coie Trust Co now owns 39,770 shares of the natural resource company’s stock worth $1,870,000 after buying an additional 1,084 shares in the last quarter. Traynor Capital Management Inc. increased its position in Freeport-McMoRan by 11.0% during the first quarter. Traynor Capital Management Inc. now owns 123,765 shares of the natural resource company’s stock worth $5,819,000 after buying an additional 12,245 shares in the last quarter. Finally, Westend Capital Management LLC purchased a new position in Freeport-McMoRan during the first quarter worth $13,666,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft raised their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research report on Monday, June 10th. JPMorgan Chase & Co. dropped their price target on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research report on Wednesday, April 24th. Argus lifted their price objective on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. Raymond James lifted their price objective on Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a research report on Wednesday, April 24th. Finally, Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $49.50 to $62.00 in a research report on Friday, June 21st. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $52.93.

Freeport-McMoRan Stock Down 1.0 %

NYSE:FCX opened at $49.89 on Wednesday. The firm has a market capitalization of $71.67 billion, a PE ratio of 44.15, a price-to-earnings-growth ratio of 2.19 and a beta of 1.96. The stock has a 50 day moving average of $50.64 and a 200-day moving average of $44.94. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The company has a current ratio of 2.35, a quick ratio of 1.41 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. The company had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The business’s revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.52 earnings per share. Analysts predict that Freeport-McMoRan Inc. will post 1.72 EPS for the current year.

Insider Transactions at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 43,900 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $51.08, for a total transaction of $2,242,412.00. Following the completion of the transaction, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,331,577.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $51.99, for a total value of $2,859,450.00. Following the completion of the sale, the vice president now directly owns 164,067 shares in the company, valued at $8,529,843.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Stephen T. Higgins sold 43,900 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $51.08, for a total value of $2,242,412.00. Following the completion of the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,331,577.16. The disclosure for this sale can be found here. Over the last three months, insiders sold 445,667 shares of company stock worth $22,755,070. Company insiders own 0.79% of the company’s stock.

About Freeport-McMoRan

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.