Csenge Advisory Group Buys 8,884 Shares of Freeport-McMoRan Inc. $FCX

Csenge Advisory Group raised its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 20.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 51,722 shares of the natural resource company’s stock after acquiring an additional 8,884 shares during the quarter. Csenge Advisory Group’s holdings in Freeport-McMoRan were worth $3,621,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in FCX. Jupiter Topco LLC acquired a new stake in shares of Freeport-McMoRan during the 2nd quarter worth about $739,890,000. Bank of America Corp DE boosted its position in Freeport-McMoRan by 20.0% in the first quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock valued at $2,489,069,000 after buying an additional 7,044,775 shares in the last quarter. Janus Henderson Group PLC boosted its position in Freeport-McMoRan by 101.2% in the first quarter. Janus Henderson Group PLC now owns 11,498,267 shares of the natural resource company’s stock valued at $675,896,000 after buying an additional 5,784,156 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Freeport-McMoRan by 84.9% during the third quarter. Assenagon Asset Management S.A. now owns 5,448,772 shares of the natural resource company’s stock worth $381,414,000 after buying an additional 2,501,881 shares during the last quarter. Finally, State Street Corp grew its stake in Freeport-McMoRan by 3.6% during the second quarter. State Street Corp now owns 66,485,424 shares of the natural resource company’s stock worth $4,181,268,000 after buying an additional 2,300,416 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 3.1%

NYSE:FCX opened at $62.17 on Thursday. The stock has a 50-day simple moving average of $69.04 and a 200 day simple moving average of $65.29. Freeport-McMoRan Inc. has a 52-week low of $38.85 and a 52-week high of $80.24. The company has a market cap of $89.28 billion, a PE ratio of 26.12, a PEG ratio of 0.56 and a beta of 1.38. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.91 and a current ratio of 2.02.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, October 27th. The natural resource company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.82 by $0.06. Freeport-McMoRan had a return on equity of 12.09% and a net margin of 13.03%. The firm had revenue of $7.55 billion for the quarter, compared to analysts’ expectations of $7.36 billion. During the same quarter in the previous year, the business posted $0.50 EPS. The business’s quarterly revenue was up 8.2% compared to the same quarter last year. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 3.03 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th were given a $0.0750 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Thursday, October 15th. Freeport-McMoRan’s payout ratio is currently 12.61%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on FCX shares. Royal Bank Of Canada raised their target price on Freeport-McMoRan from $73.00 to $85.00 and gave the company a “sector perform” rating in a research note on Wednesday, September 16th. Citigroup lifted their price target on Freeport-McMoRan from $66.00 to $84.00 and gave the company a “buy” rating in a report on Monday, October 5th. Morgan Stanley upped their price target on shares of Freeport-McMoRan from $70.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 7th. JPMorgan Chase & Co. decreased their price objective on shares of Freeport-McMoRan from $92.00 to $90.00 and set an “overweight” rating on the stock in a report on Wednesday, October 28th. Finally, Stifel Nicolaus raised their price objective on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $75.30.

Insider Buying and Selling at Freeport-McMoRan

In related news, EVP Douglas Currault, II sold 80,000 shares of the stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the completion of the transaction, the executive vice president owned 211,016 shares in the company, valued at approximately $16,577,416.96. This represents a 27.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lydia Kennard sold 3,798 shares of the firm’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $79.11, for a total transaction of $300,459.78. Following the completion of the transaction, the director directly owned 122,702 shares of the company’s stock, valued at approximately $9,706,955.22. This trade represents a 3.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.73% of the company’s stock.

Freeport-McMoRan Profile

Freeport-McMoRan Inc. is a mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Its products serve industries including construction, manufacturing, electronics and energy. The company operates mines and related facilities in North America, South America and Indonesia. Its assets include the Grasberg minerals district in Indonesia and copper operations in the United States, Peru and Chile. Freeport-McMoRan traces its roots to Freeport Sulphur Company, founded in 1912, and has since developed into a major international mining business.