Csenge Advisory Group Makes New Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Csenge Advisory Group bought a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 12,559 shares of the natural resource company's stock, valued at approximately $475,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mizuho Bank Ltd. acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at $26,000. Coppell Advisory Solutions LLC boosted its holdings in shares of Freeport-McMoRan by 47.4% during the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock worth $32,000 after buying an additional 268 shares during the period. City Holding Co. bought a new stake in Freeport-McMoRan during the first quarter valued at about $33,000. Bernard Wealth Management Corp. bought a new stake in Freeport-McMoRan during the fourth quarter valued at about $35,000. Finally, Murphy & Mullick Capital Management Corp acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth about $40,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Stock Down 0.1%

Shares of FCX traded down $0.05 during mid-day trading on Friday, hitting $44.53. 4,230,281 shares of the company's stock were exchanged, compared to its average volume of 15,698,449. The company has a market cap of $63.99 billion, a PE ratio of 33.58, a P/E/G ratio of 0.83 and a beta of 1.64. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61. The company has a 50-day simple moving average of $42.17 and a 200 day simple moving average of $38.90. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.13.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%. The company had revenue of $7.58 billion during the quarter, compared to analysts' expectations of $6.85 billion. During the same quarter last year, the company earned $0.46 EPS. Freeport-McMoRan's revenue for the quarter was up 14.5% compared to the same quarter last year. On average, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.35%. Freeport-McMoRan's payout ratio is presently 24.79%.

Insider Activity at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 8,584 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the completion of the sale, the chief accounting officer owned 48,333 shares in the company, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.75% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FCX. Raymond James Financial reissued an "outperform" rating and issued a $52.00 price objective on shares of Freeport-McMoRan in a research report on Friday, April 25th. Bank of America reiterated a "neutral" rating and issued a $56.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. Wolfe Research raised shares of Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price objective for the company in a report on Wednesday, April 16th. Morgan Stanley cut Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and lifted their price objective for the company from $45.00 to $54.00 in a report on Tuesday, July 15th. Finally, Jefferies Financial Group reiterated a "buy" rating and issued a $50.00 price objective (up previously from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and three have issued 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 price target of $51.00.

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.