Transce3nd LLC Acquires 649 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

by · The Cerbat Gem

Transce3nd LLC lifted its position in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 8.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,110 shares of the natural resource company’s stock after purchasing an additional 649 shares during the quarter. Transce3nd LLC’s holdings in Freeport-McMoRan were worth $306,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FCX. Wellington Management Group LLP boosted its holdings in shares of Freeport-McMoRan by 237.4% in the 4th quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company’s stock worth $351,041,000 after purchasing an additional 6,486,011 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Freeport-McMoRan by 21.9% in the 4th 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 purchasing an additional 5,735,171 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Freeport-McMoRan by 38.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company’s stock worth $619,682,000 after purchasing an additional 4,488,210 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Freeport-McMoRan by 13.7% in the 1st quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock worth $830,726,000 after purchasing an additional 2,642,810 shares in the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of Freeport-McMoRan by 8.0% in the 4th quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company’s stock worth $1,123,445,000 after purchasing an additional 2,191,926 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the transaction, the chief accounting officer owned 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.75% of the company’s stock.

Freeport-McMoRan Trading Up 1.2%

NYSE FCX opened at $44.50 on Friday. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.13 and a current ratio of 2.32. The stock has a 50 day simple moving average of $41.67 and a two-hundred day simple moving average of $38.70. The stock has a market cap of $63.94 billion, a P/E ratio of 36.77, a price-to-earnings-growth ratio of 0.82 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last announced its earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. The firm had revenue of $5.73 billion during the quarter, compared to analyst estimates of $5.36 billion. During the same quarter in the prior year, the company earned $0.32 EPS. The business’s revenue was down 9.4% compared to the same quarter last year. On average, analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.35%. Freeport-McMoRan’s dividend payout ratio is currently 24.79%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on FCX shares. Stifel Canada upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Tuesday, July 8th. Morgan Stanley cut Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and increased their target price for the company from $45.00 to $54.00 in a report on Tuesday. Stifel Nicolaus set a $56.00 target price on Freeport-McMoRan and gave the company a “buy” rating in a report on Wednesday, July 9th. Bank of America restated a “neutral” rating and set a $56.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 9th. Finally, JPMorgan Chase & Co. increased their target price on Freeport-McMoRan from $42.00 to $56.00 and gave the company an “overweight” rating in a report on Wednesday, July 9th. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price of $50.71.

View Our Latest Report on Freeport-McMoRan

Freeport-McMoRan Profile

(Free Report)

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.

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