Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Israel Discount Bank of New York

Israel Discount Bank of New York lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 5.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 5,269 shares of the natural resource company’s stock after selling 311 shares during the quarter. Israel Discount Bank of New York’s holdings in Freeport-McMoRan were worth $224,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Avestar Capital LLC raised its position in shares of Freeport-McMoRan by 5.1% during the 3rd quarter. Avestar Capital LLC now owns 14,060 shares of the natural resource company’s stock worth $524,000 after acquiring an additional 685 shares in the last quarter. Baxter Bros Inc. increased its position in Freeport-McMoRan by 8.1% during the third quarter. Baxter Bros Inc. now owns 54,306 shares of the natural resource company’s stock worth $2,025,000 after buying an additional 4,068 shares during the period. Busey Trust CO increased its position in Freeport-McMoRan by 1.4% during the third quarter. Busey Trust CO now owns 25,132 shares of the natural resource company’s stock worth $937,000 after buying an additional 344 shares during the period. Accurate Wealth Management LLC increased its position in Freeport-McMoRan by 76.5% during the third quarter. Accurate Wealth Management LLC now owns 10,879 shares of the natural resource company’s stock worth $397,000 after buying an additional 4,714 shares during the period. Finally, First Pacific Financial acquired a new position in Freeport-McMoRan during the third quarter worth approximately $75,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on FCX shares. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $41.00 to $48.50 in a research report on Monday, January 8th. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Thursday. Bernstein Bank lifted their target price on Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday, April 23rd. Raymond James lifted their target price on Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a research note on Wednesday, April 24th. Finally, JPMorgan Chase & Co. lowered their target price on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 24th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.07.

Freeport-McMoRan Price Performance

FCX stock traded up $1.81 during midday trading on Monday, hitting $52.31. 15,466,315 shares of the stock were exchanged, compared to its average volume of 14,000,947. The stock’s 50-day moving average price is $44.70 and its 200-day moving average price is $40.40. The stock has a market cap of $75.03 billion, a price-to-earnings ratio of 44.69, a PEG ratio of 8.18 and a beta of 2.04. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $52.42. 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:FCX) last issued its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The firm had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the previous year, the firm posted $0.52 earnings per share. Freeport-McMoRan’s revenue was up 17.3% on a year-over-year basis. Research analysts predict that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be issued a $0.15 dividend. The ex-dividend date is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.15%. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Freeport-McMoRan Company 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.