AMG National Trust Bank Buys 22,928 Shares of Freeport-McMoRan Inc. $FCX

AMG National Trust Bank grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 370.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 29,113 shares of the natural resource company’s stock after acquiring an additional 22,928 shares during the period. AMG National Trust Bank’s holdings in Freeport-McMoRan were worth $1,262,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Earned Wealth Advisors LLC purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at approximately $265,000. Wolverine Asset Management LLC lifted its stake in shares of Freeport-McMoRan by 25.0% during the 2nd quarter. Wolverine Asset Management LLC now owns 30,000 shares of the natural resource company’s stock valued at $1,300,000 after buying an additional 6,000 shares in the last quarter. Pinnacle Associates Ltd. lifted its stake in shares of Freeport-McMoRan by 3.4% during the 2nd quarter. Pinnacle Associates Ltd. now owns 222,767 shares of the natural resource company’s stock valued at $9,657,000 after buying an additional 7,295 shares in the last quarter. Putney Financial Group LLC lifted its stake in shares of Freeport-McMoRan by 2,834.6% during the 2nd quarter. Putney Financial Group LLC now owns 3,815 shares of the natural resource company’s stock valued at $165,000 after buying an additional 3,685 shares in the last quarter. Finally, Mesirow Financial Investment Management Inc. lifted its stake in shares of Freeport-McMoRan by 10.1% during the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 10,272 shares of the natural resource company’s stock valued at $445,000 after buying an additional 943 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Up 0.1%

Shares of Freeport-McMoRan stock opened at $41.76 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $49.21. The firm has a market cap of $59.96 billion, a PE ratio of 29.41, a PEG ratio of 0.94 and a beta of 1.58. The company has a 50 day simple moving average of $42.52 and a two-hundred day simple moving average of $41.34.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The firm had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same quarter last year, the company posted $0.38 EPS. The business’s quarterly revenue was up 2.7% on a year-over-year basis. Analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be given a dividend of $0.15 per share. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.13%.

Wall Street Analysts Forecast Growth

FCX has been the topic of a number of recent research reports. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price target on the stock in a research note on Tuesday, September 30th. Sanford C. Bernstein dropped their price target on shares of Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 14th. Dbs Bank dropped their price target on shares of Freeport-McMoRan from $51.00 to $48.00 in a research note on Thursday, October 2nd. HSBC upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their target price for the stock from $43.00 to $50.00 in a research note on Friday, October 17th. Finally, Royal Bank Of Canada reduced their price target on shares of Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 1st. Four research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus target price of $47.01.

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.