Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Congress Wealth Management LLC DE

Congress Wealth Management LLC DE increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 309,607 shares of the natural resource company’s stock after purchasing an additional 3,740 shares during the period. Congress Wealth Management LLC DE’s holdings in Freeport-McMoRan were worth $14,558,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Freeport-McMoRan by 0.3% during the third quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock worth $4,451,285,000 after buying an additional 305,912 shares during the period. Capital Research Global Investors boosted its stake in shares of Freeport-McMoRan by 0.7% in the fourth 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 during the period. Fisher Asset Management LLC boosted its stake in shares of Freeport-McMoRan by 1.9% in the fourth 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 during the period. Putnam Investments LLC boosted its stake in shares of Freeport-McMoRan by 3.7% in the fourth 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 during the period. Finally, Capital World Investors boosted its stake in shares of Freeport-McMoRan by 5.8% in the fourth quarter. Capital World Investors now owns 10,758,947 shares of the natural resource company’s stock valued at $458,008,000 after purchasing an additional 592,151 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Richard C. Adkerson sold 169,229 shares of the business’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $50.56, for a total value of $8,556,218.24. Following the sale, the chief executive officer now directly owns 3,707,249 shares in the company, valued at approximately $187,438,509.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, VP Douglas N. Currault II sold 55,000 shares of the business’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 sale, the vice president now directly owns 164,067 shares in the company, valued at approximately $8,529,843.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Richard C. Adkerson sold 169,229 shares of the business’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $50.56, for a total transaction of $8,556,218.24. Following the completion of the transaction, the chief executive officer now directly owns 3,707,249 shares of the company’s stock, valued at approximately $187,438,509.44. The disclosure for this sale can be found here. Insiders have sold 445,667 shares of company stock worth $22,755,070 in the last three months. Corporate insiders own 0.79% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Argus raised their target price on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a report on Tuesday, April 9th. Scotiabank raised their target price on shares of Freeport-McMoRan from $53.00 to $60.00 and gave the company a “sector outperform” rating in a report on Thursday, May 30th. UBS Group raised their price objective on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the stock a “neutral” rating in a report on Tuesday, May 14th. Finally, Raymond James raised their price objective on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday, April 24th. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $52.93.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $48.42 on Tuesday. The firm’s fifty day moving average price is $50.56 and its 200 day moving average price is $45.21. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. 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 firm has a market cap of $69.55 billion, a price-to-earnings ratio of 42.85, a price-to-earnings-growth ratio of 1.99 and a beta of 1.92.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The firm had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. Freeport-McMoRan’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period last year, the firm posted $0.52 EPS. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.74 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.24%. Freeport-McMoRan’s payout ratio is currently 26.55%.

About Freeport-McMoRan

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.