Stonebridge Capital Advisors LLC Invests $244,000 in Freeport-McMoRan Inc. (NYSE:FCX)

Stonebridge Capital Advisors LLC bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 5,183 shares of the natural resource company’s stock, valued at approximately $244,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Capital Research Global Investors increased its stake in shares of Freeport-McMoRan by 22.0% during the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after buying an additional 13,143,562 shares during the period. Capital International Investors purchased a new position in shares of Freeport-McMoRan during the first quarter valued at $417,752,000. Boston Partners increased its stake in shares of Freeport-McMoRan by 13,248.4% during the fourth quarter. Boston Partners now owns 5,351,630 shares of the natural resource company’s stock valued at $227,747,000 after buying an additional 5,311,538 shares during the period. Capital World Investors increased its stake in shares of Freeport-McMoRan by 40.9% during the first quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after buying an additional 4,396,309 shares during the period. Finally, Asia Research & Capital Management Ltd purchased a new position in shares of Freeport-McMoRan during the first quarter valued at $197,966,000. 80.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CAO Stephen T. Higgins sold 80,000 shares of Freeport-McMoRan stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the completion of the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,430,735.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 80,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $52.03, for a total value of $4,162,400.00. Following the completion of the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at $5,430,735.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Richard C. Adkerson sold 54,771 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $50.78, for a total value of $2,781,271.38. Following the completion of the transaction, the chief executive officer now directly owns 3,652,478 shares of the company’s stock, valued at $185,472,832.84. The disclosure for this sale can be found here. Insiders sold 445,667 shares of company stock valued at $22,755,070 over the last quarter. 0.79% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $49.50 to $62.00 in a research note on Friday, June 21st. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Raymond James cut their target price on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Wednesday. Scotiabank cut their target price on Freeport-McMoRan from $60.00 to $58.00 and set a “sector outperform” rating on the stock in a research note on Wednesday. Finally, Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a research note on Tuesday, April 9th. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $53.07.

Freeport-McMoRan Stock Up 1.1 %

NYSE FCX traded up $0.47 during trading on Friday, hitting $45.00. The company’s stock had a trading volume of 10,390,517 shares, compared to its average volume of 10,741,873. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.41. The company has a market cap of $64.64 billion, a PE ratio of 39.82, a P/E/G ratio of 2.07 and a beta of 1.92. The business’s 50 day simple moving average is $49.68 and its 200-day simple moving average is $46.02. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. During the same quarter in the previous year, the company posted $0.35 earnings per share. The company’s revenue was up 15.5% compared to the same quarter last year. On average, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.7 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Monday, July 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date is Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

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.