6,782 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Purchased by Trueblood Wealth Management LLC

Trueblood Wealth Management LLC purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 6,782 shares of the natural resource company’s stock, valued at approximately $289,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings 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 valued at $4,451,285,000 after purchasing an additional 305,912 shares during the period. State Street Corp grew its holdings in Freeport-McMoRan by 1.4% during the 2nd quarter. State Street Corp now owns 63,242,717 shares of the natural resource company’s stock valued at $2,529,709,000 after purchasing an additional 887,136 shares during the last quarter. Geode Capital Management LLC increased its stake in Freeport-McMoRan by 1.9% in the first quarter. Geode Capital Management LLC now owns 25,338,465 shares of the natural resource company’s stock worth $1,033,858,000 after purchasing an additional 472,160 shares during the period. Northern Trust Corp lifted its holdings in Freeport-McMoRan by 4.2% during 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 buying an additional 709,114 shares in the last quarter. Finally, Morgan Stanley raised its stake in shares of Freeport-McMoRan by 4.8% during the fourth quarter. Morgan Stanley now owns 16,533,638 shares of the natural resource company’s stock valued at $628,278,000 after acquiring an additional 753,458 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on FCX shares. Eight Capital set a $55.00 price target on shares of Freeport-McMoRan and gave the stock a “buy” rating in a research report on Wednesday, December 6th. UBS Group decreased their price target on shares of Freeport-McMoRan from $42.00 to $41.00 and set a “neutral” rating for the company in a report on Wednesday, December 13th. Morgan Stanley dropped their price target on Freeport-McMoRan from $41.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Thursday, December 7th. Raymond James raised their price target on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a research report on Thursday, January 4th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 target price on shares of Freeport-McMoRan in a report on Thursday, January 25th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $44.95.

Freeport-McMoRan Stock Up 2.5 %

Freeport-McMoRan stock traded up $1.14 during trading on Thursday, reaching $47.02. The stock had a trading volume of 19,755,396 shares, compared to its average volume of 12,988,367. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32. The business has a 50 day moving average price of $40.08 and a 200 day moving average price of $38.62. The stock has a market cap of $67.45 billion, a PE ratio of 37.09 and a beta of 2.02. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $47.19.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.04. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The firm had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter in the previous year, the firm posted $0.52 EPS. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, analysts predict that Freeport-McMoRan Inc. will post 1.53 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.28%. Freeport-McMoRan’s dividend payout ratio is currently 23.62%.

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.