NorthCrest Asset Manangement LLC Buys 21,587 Shares of Freeport-McMoRan Inc. $FCX

NorthCrest Asset Manangement LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.6% during the fourth quarter, Holdings Channel reports. The fund owned 489,628 shares of the natural resource company’s stock after buying an additional 21,587 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in Freeport-McMoRan were worth $26,641,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Great Lakes Advisors LLC grew its stake in Freeport-McMoRan by 8.0% in the third quarter. Great Lakes Advisors LLC now owns 1,551,258 shares of the natural resource company’s stock valued at $60,840,000 after acquiring an additional 115,285 shares during the period. Summit Global Investments increased its holdings in shares of Freeport-McMoRan by 278.4% during the third quarter. Summit Global Investments now owns 46,157 shares of the natural resource company’s stock valued at $1,810,000 after acquiring an additional 33,959 shares in the last quarter. Arrow Capital Pty Ltd raised its position in shares of Freeport-McMoRan by 88.5% during the second quarter. Arrow Capital Pty Ltd now owns 113,100 shares of the natural resource company’s stock worth $4,903,000 after purchasing an additional 53,100 shares during the period. Foster Victor Wealth Advisors LLC raised its position in shares of Freeport-McMoRan by 5.7% during the third quarter. Foster Victor Wealth Advisors LLC now owns 383,488 shares of the natural resource company’s stock worth $15,213,000 after purchasing an additional 20,586 shares during the period. Finally, Momentum Wealth Planning LLC bought a new position in shares of Freeport-McMoRan in the 2nd quarter worth $3,459,000. 80.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

FCX has been the subject of several research reports. CICC Research lifted their price target on shares of Freeport-McMoRan from $50.40 to $64.40 and gave the company an “outperform” rating in a research report on Monday, January 26th. Bank of America upped their price objective on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Freedom Capital raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Saturday, February 21st. UBS Group lifted their price objective on shares of Freeport-McMoRan from $60.00 to $70.00 and gave the company a “buy” rating in a report on Friday, January 23rd. Finally, JPMorgan Chase & Co. upped their target price on shares of Freeport-McMoRan from $58.00 to $68.00 and gave the stock an “overweight” rating in a report on Thursday, January 8th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $62.59.

Freeport-McMoRan Trading Down 3.0%

NYSE FCX opened at $52.02 on Friday. The firm has a market capitalization of $74.77 billion, a P/E ratio of 34.45, a PEG ratio of 0.61 and a beta of 1.41. The business has a fifty day simple moving average of $61.67 and a 200 day simple moving average of $50.32. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $69.75. The company has a current ratio of 2.29, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29.

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

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 29,654 shares of the company’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $63.00, for a total value of $1,868,202.00. Following the completion of the sale, the chief accounting officer directly owned 76,445 shares of the company’s stock, valued at approximately $4,816,035. This represents a 27.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Douglas N. Currault II sold 75,000 shares of the stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $64.52, for a total transaction of $4,839,000.00. Following the completion of the sale, the executive vice president owned 219,181 shares of the company’s stock, valued at approximately $14,141,558.12. This trade represents a 25.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 565,145 shares of company stock valued at $35,839,918 over the last three months. Insiders own 0.75% of the company’s stock.

Freeport-McMoRan Company Profile

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.