Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Capital Wealth Planning LLC

Capital Wealth Planning LLC grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 2.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,404,514 shares of the natural resource company’s stock after acquiring an additional 85,176 shares during the quarter. Freeport-McMoRan comprises approximately 2.2% of Capital Wealth Planning LLC’s investment portfolio, making the stock its 20th biggest position. Capital Wealth Planning LLC owned about 0.31% of Freeport-McMoRan worth $207,100,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of FCX. Vanguard Group Inc. increased its position in shares of Freeport-McMoRan by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock worth $4,451,285,000 after purchasing an additional 305,912 shares during the last quarter. Capital Research Global Investors increased its position in shares of Freeport-McMoRan by 0.7% during the 4th quarter. Capital Research Global Investors now owns 59,752,726 shares of the natural resource company’s stock worth $2,543,676,000 after purchasing an additional 419,603 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of Freeport-McMoRan by 1.9% during the 4th quarter. Fisher Asset Management LLC now owns 55,710,695 shares of the natural resource company’s stock worth $2,371,604,000 after purchasing an additional 1,030,451 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Freeport-McMoRan by 7.9% during the 1st quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company’s stock worth $994,808,000 after purchasing an additional 1,551,828 shares during the last quarter. Finally, Putnam Investments LLC increased its position in shares of Freeport-McMoRan by 3.7% during the 4th quarter. Putnam Investments LLC now owns 16,647,339 shares of the natural resource company’s stock worth $708,677,000 after purchasing an additional 595,395 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Freeport-McMoRan

In other news, VP Douglas N. Currault II sold 55,000 shares of the stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Stephen T. Higgins sold 80,000 shares of the 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 sale, the chief accounting officer now directly 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 through this hyperlink. Also, VP Douglas N. Currault II sold 55,000 shares of the stock in a transaction that occurred on 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 directly owns 164,067 shares of the company’s stock, valued at $8,529,843.33. 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 three months. 0.79% of the stock is owned by corporate insiders.

Freeport-McMoRan Stock Down 0.4 %

FCX traded down $0.23 on Friday, reaching $51.28. The company’s stock had a trading volume of 8,004,113 shares, compared to its average volume of 9,005,735. The stock has a 50 day moving average of $50.77 and a two-hundred day moving average of $45.75. The company has a quick ratio of 1.41, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $73.66 billion, a price-to-earnings ratio of 45.38, a P/E/G ratio of 2.17 and a beta of 1.92. 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 announced its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The firm 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%. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.52 earnings per share. As a group, analysts forecast that Freeport-McMoRan Inc. will post 1.67 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Monday, July 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date is Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FCX. UBS Group raised their price objective on Freeport-McMoRan from $41.00 to $54.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 14th. Argus boosted their price target on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. JPMorgan Chase & Co. cut their price target on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 24th. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a research note on Tuesday, April 9th. Finally, Raymond James boosted their price target on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 24th. Five equities research 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $52.93.

Freeport-McMoRan Profile

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.