Hartford Financial Management Inc. Grows Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Hartford Financial Management Inc. increased its holdings in Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 1.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,302 shares of the natural resource company’s stock after buying an additional 247 shares during the period. Hartford Financial Management Inc.’s holdings in Freeport-McMoRan were worth $767,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Freeport-McMoRan by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock valued at $4,451,285,000 after purchasing an additional 305,912 shares in the last quarter. Capital Research Global Investors lifted its holdings in Freeport-McMoRan by 0.7% in the 4th quarter. Capital Research Global Investors now owns 59,752,726 shares of the natural resource company’s stock valued at $2,543,676,000 after purchasing an additional 419,603 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in Freeport-McMoRan by 1.9% in the 4th quarter. Fisher Asset Management LLC now owns 55,710,695 shares of the natural resource company’s stock valued at $2,371,604,000 after purchasing an additional 1,030,451 shares in the last quarter. Northern Trust Corp lifted its holdings in Freeport-McMoRan by 4.2% in the 3rd quarter. Northern Trust Corp now owns 17,756,034 shares of the natural resource company’s stock valued at $662,123,000 after purchasing an additional 709,114 shares in the last quarter. Finally, Putnam Investments LLC lifted its holdings in Freeport-McMoRan by 3.7% in the 4th quarter. Putnam Investments LLC now owns 16,647,339 shares of the natural resource company’s stock valued at $708,677,000 after purchasing an additional 595,395 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,255,381.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $51.99, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Stephen T. Higgins sold 42,767 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was 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 approximately $5,255,381.95. 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 90 days. 0.79% of the stock is owned by corporate insiders.

Freeport-McMoRan Trading Up 1.1 %

FCX traded up $0.61 on Monday, reaching $54.84. 15,769,510 shares of the company’s stock were exchanged, compared to its average volume of 14,322,116. The company’s 50 day moving average is $48.90 and its 200-day moving average is $42.32. The company has a market cap of $78.66 billion, a price-to-earnings ratio of 48.53, a PEG ratio of 8.82 and a beta of 2.02. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35.

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

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend was Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Analysts Set New Price Targets

A number of research analysts have issued reports on FCX shares. Scotiabank reduced their target price on shares of Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating on the stock in a report on Wednesday, April 24th. StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. UBS Group upped their price objective on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a research note on Tuesday, May 14th. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a research note on Tuesday, April 9th. Finally, Bernstein Bank upped their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday, April 23rd. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $51.00.

Read Our Latest Report on Freeport-McMoRan

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

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

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