Pinnacle Wealth Management Advisory Group LLC Invests $205,000 in Freeport-McMoRan Inc. (NYSE:FCX)

Pinnacle Wealth Management Advisory Group LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 4,814 shares of the natural resource company’s stock, valued at approximately $205,000.

A number of other hedge funds have also made changes to their positions in the business. Fulton Bank N.A. grew its position in Freeport-McMoRan by 2.6% in the fourth quarter. Fulton Bank N.A. now owns 10,606 shares of the natural resource company’s stock valued at $451,000 after acquiring an additional 267 shares in the last quarter. Drive Wealth Management LLC increased its position in shares of Freeport-McMoRan by 2.8% during the fourth quarter. Drive Wealth Management LLC now owns 9,840 shares of the natural resource company’s stock worth $419,000 after acquiring an additional 267 shares during the last quarter. Sound Income Strategies LLC lifted its stake in shares of Freeport-McMoRan by 38.8% in the fourth quarter. Sound Income Strategies LLC now owns 965 shares of the natural resource company’s stock worth $41,000 after acquiring an additional 270 shares in the last quarter. PFG Investments LLC increased its holdings in Freeport-McMoRan by 1.7% during the 4th quarter. PFG Investments LLC now owns 16,844 shares of the natural resource company’s stock worth $717,000 after purchasing an additional 285 shares during the last quarter. Finally, Investors Asset Management of Georgia Inc. GA ADV raised its position in shares of Freeport-McMoRan by 1.6% in the 4th quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 19,714 shares of the natural resource company’s stock valued at $839,000 after purchasing an additional 305 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Richard C. Adkerson sold 169,229 shares of the company’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 completion of the sale, the chief executive officer now owns 3,707,249 shares in the company, valued at approximately $187,438,509.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, VP Douglas N. Currault II sold 55,000 shares of the company’s stock in a transaction on 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 completion of the sale, the vice president now directly owns 164,067 shares in the company, valued at $8,529,843.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 stock was sold at an average price of $50.56, for a total value of $8,556,218.24. Following the completion of the sale, the chief executive officer now owns 3,707,249 shares of the company’s stock, valued at $187,438,509.44. The disclosure for this sale can be found here. In the last quarter, insiders have sold 365,667 shares of company stock worth $18,592,670. Company insiders own 0.78% of the company’s stock.

Analyst Ratings Changes

FCX has been the topic of several recent analyst reports. Bernstein Bank upped their price target on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a report on Tuesday, April 23rd. JPMorgan Chase & Co. decreased their price target on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday, April 24th. Scotiabank cut their price objective on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, April 24th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a research report on Tuesday, April 9th. Finally, HSBC lifted their price objective on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a report on Tuesday, April 23rd. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $50.07.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $51.85 on Friday. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $52.52. The stock has a market cap of $74.37 billion, a price-to-earnings ratio of 45.20, a PEG ratio of 8.19 and a beta of 2.02. The stock’s 50 day moving average price is $46.90 and its 200 day moving average price is $41.27. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. The firm had revenue of $6.32 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. Freeport-McMoRan’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.52 earnings per share. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.66 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were given a $0.15 dividend. The ex-dividend date of this dividend was Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.16%. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

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.