Trust Co. of Toledo NA OH Takes Position in Freeport-McMoRan Inc. (NYSE:FCX)

Trust Co. of Toledo NA OH purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX[1] – Free Report[2]) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,820 shares of the natural resource company’s stock, valued at approximately £415,000. Several other large investors have also modified their holdings of the business.

Vanguard Group Inc. grew its position in shares of Freeport-McMoRan by 0.3% in 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 last quarter. Capital Research Global Investors grew its position 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 last quarter. Fisher Asset Management LLC grew its position 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 last quarter.

Northern Trust Corp grew its position in shares of Freeport-McMoRan by 4.2% in the third quarter. Northern Trust Corp now owns 17,756,034 shares of the natural resource company’s stock valued at £662,123,000 after purchasing an additional 709,114 shares during the last quarter. Finally, Putnam Investments LLC boosted its position in Freeport-McMoRan by 3.7% during the fourth quarter.

Putnam Investments LLC now owns 16,647,339 shares of the natural resource company’s stock worth £708,677,000 after acquiring an additional 595,395 shares during the last quarter.

80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. UBS Group raised their target price on shares of Freeport-McMoRan from £41.00 to £54.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 14th. Raymond James raised their target price on shares of Freeport-McMoRan from £49.50 to £54.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. StockNews.com[3] upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Thursday, April 25th.

HSBC raised their target price on shares of Freeport-McMoRan from £39.00 to £45.00 and gave the stock a “hold” rating in a research report on Tuesday, April 23rd. Finally, Argus raised their target price on shares of Freeport-McMoRan from £44.00 to £54.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company.

According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of £51.47.

Check Out Our Latest Stock Analysis on FCX[4]

Freeport-McMoRan Stock Performance

Shares of FCX stock[5] opened at £47.69 on Thursday. The company’s fifty day simple moving average is £50.65 and its 200-day simple moving average is £44.53. Freeport-McMoRan Inc. has a 52 week low of £32.83 and a 52 week high of £55.24.

The company has a current ratio of 2.35, a quick ratio of 1.41 and a debt-to-equity ratio of 0.31. The company has a market cap of £68.51 billion, a PE ratio of 42.20, a P/E/G ratio of 2.06 and a beta of 1.96. Freeport-McMoRan (NYSE:FCX[6] – Get Free Report[7]) last released its quarterly earnings results 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 net margin of 6.97% and a return on equity of 7.17%. The firm had revenue of £6.32 billion for the quarter, compared to the consensus estimate of £5.70 billion.

During the same quarter in the previous year, the firm posted £0.52 EPS. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.71 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 1st.

Investors of record on Monday, April 15th were paid a dividend of £0.15 per share. This represents a £0.60 annualized dividend and a yield of 1.26%. The ex-dividend date of this dividend was Friday, April 12th.

Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Insider Buying and Selling

In related news, CAO Stephen T. Higgins[8] sold 43,900 shares of Freeport-McMoRan stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of £51.08, for a total transaction of £2,242,412.00.

Following the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at approximately £5,331,577.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link[9]. In other Freeport-McMoRan news, VP Douglas N.

Currault II sold 55,000 shares of the firm’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of £51.99, for a total transaction of £2,859,450.00. Following the completion of the transaction, the vice president now directly owns 164,067 shares of the company’s stock, valued at approximately £8,529,843.33.

The sale was disclosed in a document filed with the SEC, which is available through this hyperlink[10]. Also, CAO Stephen T. Higgins sold 43,900 shares of the firm’s stock in a transaction on Wednesday, May 1st.

The stock was sold at an average price of £51.08, for a total transaction of £2,242,412.00. Following the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at £5,331,577.16. The disclosure for this sale can be found here[11].

Insiders have sold 445,667 shares of company stock valued at £22,755,070 in the last quarter. Company insiders own 0.79% of the company’s stock.

Freeport-McMoRan Company Profile

(Free Report[12]) 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.

Featured Articles

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com[13] to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX[14] – Free Report[15]).

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References

1. ^ NYSE:FCX (www.marketbeat.com)
2. ^ Free Report (www.marketbeat.com)
3. ^ StockNews.com (report.stocknews.com)
4. ^ Check Out Our Latest Stock Analysis on FCX (www.marketbeat.com)
5. ^ FCX stock (www.marketbeat.com)
6. ^ NYSE:FCX (www.marketbeat.com)
7. ^ Get Free Report (www.marketbeat.com)
8. ^ Stephen T.

   Higgins (www.insidertrades.com)

9. ^ this link (www.sec.gov)
10. ^ this hyperlink (www.sec.gov)
11. ^ here (www.sec.gov)
12. ^ Free Report (www.marketbeat.com)
13. ^ Visit HoldingsChannel.com (www.holdingschannel.com)
14. ^ NYSE:FCX (www.marketbeat.com)
15. ^ Free Report (www.marketbeat.com)
16. ^ MarketBeat.com’s FREE daily email newsletter (www.defenseworld.net)