Freeport-McMoRan (NYSE:FCX) Shares Bought by Baker Avenue Asset Management LP

Baker Avenue Asset Management LP lifted its stake in shares of Freeport-McMoRan (NYSE:FCX) by 1.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 241,111 shares of the natural resource company’s stock after acquiring an additional 4,418 shares during the period. Baker Avenue Asset Management LP’s holdings in Freeport-McMoRan were worth $4,571,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. American Beacon Advisors Inc. purchased a new stake in Freeport-McMoRan in the 4th quarter valued at about $131,000. Belpointe Asset Management LLC purchased a new stake in Freeport-McMoRan in the 3rd quarter valued at about $150,000. Americafirst Capital Management LLC purchased a new stake in Freeport-McMoRan in the 3rd quarter valued at about $170,000. Thompson Davis & CO. Inc. raised its holdings in Freeport-McMoRan by 756.8% in the 4th quarter. Thompson Davis & CO. Inc. now owns 9,348 shares of the natural resource company’s stock valued at $177,000 after buying an additional 8,257 shares during the period. Finally, Ballew Advisors Inc purchased a new stake in Freeport-McMoRan in the 4th quarter valued at about $190,000. Institutional investors and hedge funds own 69.81% of the company’s stock.

In other news, VP C Donald Whitmire, Jr. sold 21,500 shares of the business’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $19.49, for a total transaction of $419,035.00. Following the completion of the transaction, the vice president now directly owns 70,239 shares of the company’s stock, valued at $1,368,958.11. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.29% of the company’s stock.

Several brokerages recently issued reports on FCX. Morgan Stanley boosted their price objective on shares of Freeport-McMoRan from $14.00 to $15.00 and gave the company a “hold” rating in a report on Monday, March 26th. Goldman Sachs began coverage on shares of Freeport-McMoRan in a report on Tuesday, March 20th. They issued a “buy” rating and a $23.00 price objective on the stock. Royal Bank of Canada boosted their price objective on shares of Freeport-McMoRan to $22.00 and gave the company a “sector perform” rating in a report on Monday, March 12th. UBS boosted their price target on shares of Freeport-McMoRan from $14.00 to $18.50 and gave the stock a “neutral” rating in a research note on Tuesday, March 6th. Finally, ValuEngine upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Tuesday, February 20th. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $17.11.

Shares of Freeport-McMoRan stock traded down $0.43 on Monday, reaching $17.14. 14,723,967 shares of the company were exchanged, compared to its average volume of 19,370,324. Freeport-McMoRan has a 1-year low of $11.05 and a 1-year high of $20.25. The company has a market cap of $25,438.62, a PE ratio of 14.65 and a beta of 2.41. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.37 and a current ratio of 2.14.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, January 25th. The natural resource company reported $0.51 EPS for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.02. Freeport-McMoRan had a return on equity of 16.57% and a net margin of 11.08%. The business had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $4.89 billion. During the same period in the previous year, the company posted $0.25 earnings per share. The business’s revenue for the quarter was up 15.2% on a year-over-year basis. sell-side analysts predict that Freeport-McMoRan will post 2.33 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 1st. Stockholders of record on Friday, April 13th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date of this dividend is Thursday, April 12th.

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About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.

Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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