AMG National Trust Bank Has $1.26 Million Stock Position in Freeport-McMoRan Inc. $FCX

AMG National Trust Bank grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 370.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 29,113 shares of the natural resource company’s stock after purchasing an additional 22,928 shares during the period. AMG National Trust Bank’s holdings in Freeport-McMoRan were worth $1,262,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in FCX. Nuveen LLC acquired a new position in shares of Freeport-McMoRan during the first quarter valued at about $366,959,000. Amundi increased its position in shares of Freeport-McMoRan by 28.1% during the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after acquiring an additional 6,054,537 shares in the last quarter. Crake Asset Management LLP increased its position in shares of Freeport-McMoRan by 2,140.8% during the first quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock worth $224,496,000 after acquiring an additional 5,665,000 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Freeport-McMoRan by 17.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock worth $1,421,549,000 after acquiring an additional 5,661,958 shares in the last quarter. Finally, Mizuho Markets Cayman LP bought a new stake in shares of Freeport-McMoRan during the second quarter worth about $159,147,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Sanford C. Bernstein decreased their target price on shares of Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating for the company in a research report on Tuesday, October 14th. Wall Street Zen raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, October 25th. Wells Fargo & Company raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Wednesday, October 8th. Johnson Rice decreased their target price on shares of Freeport-McMoRan from $55.00 to $48.00 in a research report on Monday, September 29th. Finally, Citigroup raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price objective for the company in a research report on Wednesday, October 8th. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.01.

Freeport-McMoRan Trading Up 0.1%

Shares of FCX stock opened at $41.76 on Friday. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $49.21. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. The company has a 50-day simple moving average of $42.52 and a two-hundred day simple moving average of $41.34. The company has a market capitalization of $59.96 billion, a price-to-earnings ratio of 29.41, a PEG ratio of 0.94 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The business had revenue of $6.97 billion during the quarter, compared to the consensus estimate of $6.74 billion. During the same period in the prior year, the firm posted $0.38 EPS. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 21.13%.

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.