ING Groep NV Buys 124,562 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

ING Groep NV lifted its stake in Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 34.5% during the 4th quarter, Holdings Channel reports. The institutional investor owned 485,515 shares of the natural resource company’s stock after purchasing an additional 124,562 shares during the quarter. ING Groep NV’s holdings in Freeport-McMoRan were worth $20,668,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Fulton Bank N.A. lifted its holdings in Freeport-McMoRan by 2.6% during the fourth quarter. Fulton Bank N.A. now owns 10,606 shares of the natural resource company’s stock valued at $451,000 after purchasing an additional 267 shares in the last quarter. Drive Wealth Management LLC boosted its holdings in Freeport-McMoRan by 2.8% in the 4th quarter. Drive Wealth Management LLC now owns 9,840 shares of the natural resource company’s stock worth $419,000 after buying an additional 267 shares during the period. Sound Income Strategies LLC increased its stake in Freeport-McMoRan by 38.8% in the 4th quarter. Sound Income Strategies LLC now owns 965 shares of the natural resource company’s stock worth $41,000 after buying an additional 270 shares in the last quarter. PFG Investments LLC raised its holdings in Freeport-McMoRan by 1.7% during the fourth quarter. PFG Investments LLC now owns 16,844 shares of the natural resource company’s stock valued at $717,000 after acquiring an additional 285 shares during the period. Finally, Laffer Tengler Investments Inc. lifted its position in shares of Freeport-McMoRan by 2.7% in the fourth quarter. Laffer Tengler Investments Inc. now owns 10,765 shares of the natural resource company’s stock valued at $458,000 after acquiring an additional 286 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Up 4.2 %

Shares of NYSE:FCX traded up $2.19 during trading on Friday, hitting $54.23. The company had a trading volume of 17,946,540 shares, compared to its average volume of 16,270,298. The stock has a market cap of $77.79 billion, a price-to-earnings ratio of 47.99, a price-to-earnings-growth ratio of 8.46 and a beta of 2.02. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. The company has a fifty day simple moving average of $48.62 and a two-hundred day simple moving average of $42.12. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $54.35.

Freeport-McMoRan (NYSE:FCXGet Free Report) last issued its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. Freeport-McMoRan’s revenue was up 17.3% on a year-over-year basis. During the same period last year, the company earned $0.52 earnings per share. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 1.66 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.11%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $51.99, for a total value of $2,859,450.00. Following the completion of the sale, the vice president now owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the stock in a transaction on Monday, April 29th. The stock was sold at an average price of $51.99, for a total value of $2,859,450.00. Following the sale, the vice president now owns 164,067 shares in the company, valued at $8,529,843.33. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Stephen T. Higgins sold 42,767 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the sale, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at $5,255,381.95. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 445,667 shares of company stock worth $22,755,070. Insiders own 0.78% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on FCX shares. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 target price on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Bernstein Bank increased their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a report on Tuesday, April 23rd. HSBC boosted their target price on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a report on Tuesday, April 23rd. Scotiabank cut their target price on shares of Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating for the company in a research note on Wednesday, April 24th. Finally, Raymond James lifted their price target on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $51.00.

View Our Latest Stock Report on FCX

About Freeport-McMoRan

(Free Report)

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.

See Also

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCXFree Report).

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

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