Oak Thistle LLC Makes New $1.92 Million Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Oak Thistle LLC purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 50,831 shares of the natural resource company's stock, valued at approximately $1,924,000.

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

Insider Transactions at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the company's stock in a transaction on Monday, June 2nd. The stock was 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 represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.75% of the company's stock.

Wall Street Analysts Forecast Growth

FCX has been the topic of a number of recent analyst reports. Bank of America reaffirmed a "neutral" rating and issued a $56.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. UBS Group lowered shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and upped their price objective for the company from $45.00 to $50.00 in a research note on Friday, July 11th. Royal Bank Of Canada increased their price objective on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. JPMorgan Chase & Co. increased their price objective on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Finally, Hsbc Global Res upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $51.00.

Freeport-McMoRan Stock Up 0.7%

Shares of NYSE FCX traded up $0.29 during midday trading on Friday, hitting $44.87. 15,936,441 shares of the stock traded hands, compared to its average volume of 15,750,619. The company has a market cap of $64.48 billion, a PE ratio of 33.99, a P/E/G ratio of 0.83 and a beta of 1.64. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $52.61. The business has a 50 day moving average price of $42.17 and a two-hundred day moving average price of $38.90. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.13 and a current ratio of 2.47.

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

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.34%. Freeport-McMoRan's dividend payout ratio (DPR) is currently 24.79%.

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.