Cypress Asset Management Inc. TX Invests $429,000 in Freeport-McMoRan Inc. (NYSE:FCX)

Cypress Asset Management Inc. TX purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 10,078 shares of the natural resource company’s stock, valued at approximately $429,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Mark Sheptoff Financial Planning LLC purchased a new stake in Freeport-McMoRan in the fourth quarter worth $194,000. US Bancorp DE raised its position in shares of Freeport-McMoRan by 15.8% in the 4th quarter. US Bancorp DE now owns 178,251 shares of the natural resource company’s stock worth $7,588,000 after purchasing an additional 24,282 shares during the last quarter. Dai ichi Life Insurance Company Ltd raised its position in shares of Freeport-McMoRan by 37.8% in the 4th quarter. Dai ichi Life Insurance Company Ltd now owns 119,921 shares of the natural resource company’s stock worth $5,105,000 after purchasing an additional 32,887 shares during the last quarter. Journey Strategic Wealth LLC raised its position in shares of Freeport-McMoRan by 4.8% in the 4th quarter. Journey Strategic Wealth LLC now owns 6,500 shares of the natural resource company’s stock worth $277,000 after purchasing an additional 295 shares during the last quarter. Finally, Western Pacific Wealth Management LP raised its position in shares of Freeport-McMoRan by 49.1% in the 4th quarter. Western Pacific Wealth Management LP now owns 1,299 shares of the natural resource company’s stock worth $55,000 after purchasing an additional 428 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Insider Transactions at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 42,767 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the transaction, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at approximately $5,255,381.95. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $50.35, for a total value of $2,153,318.45. Following the transaction, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at approximately $5,255,381.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction, the vice president now directly owns 164,067 shares in the company, valued at approximately $8,529,843.33. The disclosure for this sale can be found here. Insiders have sold 445,667 shares of company stock valued at $22,755,070 in the last ninety days. Corporate insiders own 0.79% of the company’s stock.

Freeport-McMoRan Price Performance

NYSE FCX traded up $0.20 during trading hours on Friday, reaching $51.40. The company’s stock had a trading volume of 6,233,028 shares, compared to its average volume of 14,422,677. The firm’s 50-day moving average price is $49.50 and its 200-day moving average price is $42.57. The company has a quick ratio of 1.41, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24. The company has a market capitalization of $73.73 billion, a price-to-earnings ratio of 45.31, a PEG ratio of 2.71 and a beta of 2.02.

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

Freeport-McMoRan Announces Dividend

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 of this dividend was Friday, April 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.17%. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Analyst Upgrades and Downgrades

Several research firms recently commented on FCX. JPMorgan Chase & Co. reduced their price objective on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a report on Wednesday, April 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a report on Thursday, January 25th. Argus lifted their price objective on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. Bernstein Bank lifted their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday, April 23rd. Finally, Raymond James lifted their price objective on Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday, April 24th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $51.00.

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.