Commerce Bank Acquires 2,925 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Commerce Bank boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.9% during the 1st quarter, Holdings Channel reports. The fund owned 336,439 shares of the natural resource company’s stock after buying an additional 2,925 shares during the period. Commerce Bank’s holdings in Freeport-McMoRan were worth $15,819,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC bought a new position in Freeport-McMoRan during the 4th quarter worth about $27,000. Jones Financial Companies Lllp boosted its holdings in shares of Freeport-McMoRan by 422.2% in the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after buying an additional 532 shares in the last quarter. American National Bank boosted its holdings in shares of Freeport-McMoRan by 348.8% in the 1st quarter. American National Bank now owns 745 shares of the natural resource company’s stock valued at $35,000 after buying an additional 579 shares in the last quarter. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter valued at about $32,000. Finally, Tompkins Financial Corp boosted its holdings in shares of Freeport-McMoRan by 33.8% in the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock valued at $37,000 after buying an additional 200 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CAO Stephen T. Higgins sold 80,000 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $52.03, for a total value of $4,162,400.00. Following the completion of the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at approximately $5,430,735.31. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CAO Stephen T. Higgins sold 42,767 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the sale, 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 legal filing with the SEC, which is available through this hyperlink. Also, CAO Stephen T. Higgins sold 80,000 shares of the business’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at approximately $5,430,735.31. The disclosure for this sale can be found here. Insiders sold a total of 445,667 shares of company stock valued at $22,755,070 in the last three months. 0.79% of the stock is currently owned by corporate insiders.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX traded up $0.91 during trading on Wednesday, hitting $51.71. 4,566,838 shares of the stock traded hands, compared to its average volume of 13,775,322. The company has a quick ratio of 1.41, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. The company has a market cap of $74.28 billion, a price-to-earnings ratio of 45.87, a P/E/G ratio of 2.13 and a beta of 1.92. The company has a fifty day moving average price of $50.66 and a two-hundred day moving average price of $45.58. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.05. The firm had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The business’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.52 EPS. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.69 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Monday, July 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.16%. The ex-dividend date of this dividend is Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Analyst Ratings Changes

A number of research firms have recently weighed in on FCX. Raymond James raised their price target on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a report on Monday, June 10th. UBS Group lifted their target price on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 14th. Finally, Morgan Stanley upgraded shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $49.50 to $62.00 in a research note on Friday, June 21st. Five research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.93.

Freeport-McMoRan 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.