Blume Capital Management Inc. Has $6.62 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Blume Capital Management Inc. raised its position in Freeport-McMoRan Inc. (NYSE:FCX) by 3.2% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 155,449 shares of the natural resource company’s stock after acquiring an additional 4,760 shares during the period. Freeport-McMoRan makes up about 1.7% of Blume Capital Management Inc.’s holdings, making the stock its 24th largest position. Blume Capital Management Inc.’s holdings in Freeport-McMoRan were worth $6,617,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. CM Management LLC increased its stake in Freeport-McMoRan by 80.0% during the 3rd quarter. CM Management LLC now owns 36,000 shares of the natural resource company’s stock valued at $1,342,000 after purchasing an additional 16,000 shares in the last quarter. Signature Estate & Investment Advisors LLC raised its holdings in shares of Freeport-McMoRan by 6.4% in the 4th quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock worth $14,726,000 after acquiring an additional 20,894 shares during the last quarter. Cadinha & Co. LLC lifted its position in Freeport-McMoRan by 59.0% in the 4th quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock valued at $27,572,000 after acquiring an additional 240,340 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Freeport-McMoRan by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock valued at $279,977,000 after purchasing an additional 102,466 shares during the last quarter. Finally, Alphinity Investment Management Pty Ltd increased its holdings in Freeport-McMoRan by 57.4% during the 3rd quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock worth $201,039,000 after purchasing an additional 1,965,987 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Insider Activity at Freeport-McMoRan

In other news, VP Douglas N. Currault II sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the transaction, the vice president now owns 164,067 shares of the company’s stock, valued at approximately $8,529,843.33. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, VP Douglas N. Currault II sold 55,000 shares of the stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $51.99, for a total value of $2,859,450.00. Following the sale, the vice president now directly owns 164,067 shares of the company’s stock, valued at approximately $8,529,843.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Richard C. Adkerson sold 169,229 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $50.56, for a total value of $8,556,218.24. Following the transaction, the chief executive officer now owns 3,707,249 shares of the company’s stock, valued at approximately $187,438,509.44. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 365,667 shares of company stock valued at $18,592,670. 0.78% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on FCX. HSBC raised their target price on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research report on Tuesday, April 23rd. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Thursday, April 25th. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a research note on Tuesday, April 9th. Argus boosted their target price on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price target on shares of Freeport-McMoRan in a report on Thursday, January 25th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.07.

Freeport-McMoRan Stock Performance

NYSE FCX traded up $0.98 on Thursday, reaching $50.94. 2,729,471 shares of the stock were exchanged, compared to its average volume of 14,145,340. The company’s 50-day simple moving average is $46.63 and its two-hundred day simple moving average is $41.20. 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 firm has a market capitalization of $73.07 billion, a PE ratio of 44.45, a PEG ratio of 8.19 and a beta of 2.02. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $52.52.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, beating 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 business had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same period in the previous year, the business earned $0.52 earnings per share. The business’s revenue was up 17.3% on a year-over-year basis. Analysts expect that Freeport-McMoRan Inc. will post 1.66 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th were issued a dividend of $0.15 per share. The ex-dividend date was Friday, April 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.18%. 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.