Meitav Dash Investments Ltd. Acquires 43,611 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Meitav Dash Investments Ltd. boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCXGet Rating) by 17.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 287,822 shares of the natural resource company’s stock after acquiring an additional 43,611 shares during the period. Meitav Dash Investments Ltd.’s holdings in Freeport-McMoRan were worth $14,243,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FCX. International Assets Investment Management LLC bought a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $204,000. CWM LLC bought a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $565,000. FDx Advisors Inc. lifted its holdings in shares of Freeport-McMoRan by 5.0% in the fourth quarter. FDx Advisors Inc. now owns 11,558 shares of the natural resource company’s stock valued at $482,000 after purchasing an additional 549 shares in the last quarter. Dixon Hughes Goodman Wealth Advisors LLC bought a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $28,000. Finally, Fifth Third Bancorp lifted its holdings in shares of Freeport-McMoRan by 47.9% in the fourth quarter. Fifth Third Bancorp now owns 384,153 shares of the natural resource company’s stock valued at $16,031,000 after purchasing an additional 124,410 shares in the last quarter. 77.37% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Up 5.3 %

NYSE FCX opened at $30.27 on Friday. The business has a fifty day moving average price of $32.14 and a two-hundred day moving average price of $39.63. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.73 and a quick ratio of 1.94. Freeport-McMoRan Inc. has a fifty-two week low of $24.80 and a fifty-two week high of $51.99. The stock has a market capitalization of $43.87 billion, a PE ratio of 9.20, a PEG ratio of 0.30 and a beta of 2.01.

Freeport-McMoRan (NYSE:FCXGet Rating) last announced its quarterly earnings results on Thursday, July 21st. The natural resource company reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.31). Freeport-McMoRan had a net margin of 20.08% and a return on equity of 22.04%. The firm had revenue of $5.42 billion during the quarter, compared to the consensus estimate of $6.20 billion. During the same quarter in the previous year, the company posted $0.77 earnings per share. The firm’s revenue was down 5.8% on a year-over-year basis. Equities analysts expect that Freeport-McMoRan Inc. will post 3.24 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 1st. Investors of record on Friday, July 15th were issued a $0.15 dividend. The ex-dividend date was Thursday, July 14th. This represents a $0.60 dividend on an annualized basis and a yield of 1.98%. Freeport-McMoRan’s payout ratio is 9.12%.

Insider Activity at Freeport-McMoRan

In related news, Director Dustan E. Mccoy sold 8,200 shares of the stock in a transaction on Tuesday, May 31st. The stock was sold at an average price of $39.24, for a total value of $321,768.00. Following the completion of the sale, the director now directly owns 134,400 shares in the company, valued at $5,273,856. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Sara Grootwassink Lewis acquired 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was acquired at an average cost of $28.79 per share, for a total transaction of $86,370.00. Following the completion of the acquisition, the director now directly owns 13,800 shares of the company’s stock, valued at approximately $397,302. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Dustan E. Mccoy sold 8,200 shares of the stock in a transaction on Tuesday, May 31st. The shares were sold at an average price of $39.24, for a total value of $321,768.00. Following the completion of the sale, the director now owns 134,400 shares of the company’s stock, valued at $5,273,856. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on FCX. Deutsche Bank Aktiengesellschaft cut their price target on Freeport-McMoRan from $37.00 to $35.00 in a report on Friday, July 22nd. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, July 8th. Raymond James dropped their target price on Freeport-McMoRan from $59.00 to $52.00 and set an “outperform” rating on the stock in a report on Monday, July 4th. Citigroup upped their target price on Freeport-McMoRan from $28.00 to $29.00 in a report on Friday, July 22nd. Finally, Barclays lowered their price target on Freeport-McMoRan from $29.00 to $24.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $42.00.

Freeport-McMoRan Profile

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Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

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

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