United Bank Buys 4,636 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

United Bank increased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 30.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,923 shares of the natural resource company’s stock after acquiring an additional 4,636 shares during the quarter. United Bank’s holdings in Freeport-McMoRan were worth $759,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Freeport-McMoRan by 240.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 80,000 shares of the natural resource company’s stock worth $3,994,000 after buying an additional 56,475 shares during the last quarter. Freedom Investment Management Inc. raised its holdings in Freeport-McMoRan by 22.7% during the third quarter. Freedom Investment Management Inc. now owns 11,893 shares of the natural resource company’s stock valued at $594,000 after acquiring an additional 2,200 shares during the period. Glenmede Trust Co. NA lifted its holdings in shares of Freeport-McMoRan by 13.5% in the third quarter. Glenmede Trust Co. NA now owns 85,373 shares of the natural resource company’s stock worth $4,262,000 after buying an additional 10,156 shares in the last quarter. CreativeOne Wealth LLC boosted its stake in Freeport-McMoRan by 19.5% during the third quarter. CreativeOne Wealth LLC now owns 25,239 shares of the natural resource company’s stock valued at $1,260,000 after buying an additional 4,111 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Freeport-McMoRan by 1.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 339,089 shares of the natural resource company’s stock worth $16,927,000 after buying an additional 3,853 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the subject of several recent analyst reports. Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, March 20th. Argus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Scotiabank cut their price target on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research note on Friday, January 24th. Finally, JPMorgan Chase & Co. upgraded Freeport-McMoRan from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $48.00 to $52.00 in a research report on Thursday, March 20th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.04.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $38.36 on Friday. Freeport-McMoRan Inc. has a 1-year low of $33.98 and a 1-year high of $55.24. The stock’s 50-day moving average is $38.14 and its two-hundred day moving average is $41.97. The company has a market cap of $55.13 billion, a price-to-earnings ratio of 29.74, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. Analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th will be issued a $0.15 dividend. The ex-dividend date is Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.56%. Freeport-McMoRan’s dividend payout ratio is presently 23.26%.

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.