Fulton Bank N.A. Raises Stake in Freeport-McMoRan Inc. $FCX

Fulton Bank N.A. lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 104.3% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 17,522 shares of the natural resource company’s stock after buying an additional 8,945 shares during the period. Fulton Bank N.A.’s holdings in Freeport-McMoRan were worth $890,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Steigerwald Gordon & Koch Inc. acquired a new position in Freeport-McMoRan in the 3rd quarter valued at $25,000. Twin Peaks Wealth Advisors LLC purchased a new position in shares of Freeport-McMoRan during the 2nd quarter worth $28,000. Salomon & Ludwin LLC boosted its holdings in shares of Freeport-McMoRan by 1,962.9% during the third quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 687 shares during the last quarter. JPL Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan during the third quarter worth $33,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Freeport-McMoRan in the third quarter valued at $36,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Ellie L. Mikes sold 11,000 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total transaction of $682,330.00. Following the completion of the sale, the chief accounting officer owned 40,773 shares in the company, valued at approximately $2,529,149.19. The trade was a 21.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard C. Adkerson sold 248,031 shares of the stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $62.80, for a total transaction of $15,576,346.80. Following the sale, the chairman directly owned 3,509,119 shares of the company’s stock, valued at approximately $220,372,673.20. This trade represents a 6.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 565,145 shares of company stock worth $35,839,918. 0.79% of the stock is owned by insiders.

Analysts Set New Price Targets

FCX has been the subject of several analyst reports. BNP Paribas Exane upped their target price on Freeport-McMoRan from $56.00 to $75.00 and gave the company an “outperform” rating in a research note on Thursday, February 12th. Stifel Nicolaus raised their price target on Freeport-McMoRan from $52.00 to $76.00 and gave the stock a “buy” rating in a research note on Wednesday, February 11th. Bank of America lifted their price target on Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Thursday, January 22nd. Finally, CICC Research increased their price objective on shares of Freeport-McMoRan from $50.40 to $64.40 and gave the stock an “outperform” rating in a report on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $62.59.

Freeport-McMoRan Trading Up 2.7%

Shares of FCX opened at $56.45 on Wednesday. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $69.75. The firm has a market capitalization of $81.12 billion, a P/E ratio of 37.38, a price-to-earnings-growth ratio of 0.64 and a beta of 1.41. The company has a current ratio of 2.29, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29. The stock’s fifty day simple moving average is $61.53 and its 200 day simple moving average is $50.48.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.19. The firm had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $5.42 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The firm’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.31 earnings per share. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.