Colonial River Investments LLC Makes New Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Colonial River Investments LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 6,267 shares of the natural resource company's stock, valued at approximately $237,000.

A number of other large investors also recently modified their holdings of FCX. Brighton Jones LLC raised its position in Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock worth $564,000 after purchasing an additional 2,882 shares during the last quarter. Bank Pictet & Cie Europe AG raised its position in Freeport-McMoRan by 27.2% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 540,046 shares of the natural resource company's stock worth $20,565,000 after purchasing an additional 115,552 shares during the last quarter. NewEdge Wealth LLC raised its position in Freeport-McMoRan by 18.4% during the 4th quarter. NewEdge Wealth LLC now owns 36,427 shares of the natural resource company's stock worth $1,387,000 after purchasing an additional 5,665 shares during the last quarter. Kovack Advisors Inc. raised its position in Freeport-McMoRan by 4.2% during the 4th quarter. Kovack Advisors Inc. now owns 10,068 shares of the natural resource company's stock worth $383,000 after purchasing an additional 408 shares during the last quarter. Finally, Proficio Capital Partners LLC raised its position in Freeport-McMoRan by 360.4% during the 4th quarter. Proficio Capital Partners LLC now owns 238,311 shares of the natural resource company's stock worth $9,075,000 after purchasing an additional 186,554 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Insider Activity at Freeport-McMoRan

In related 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 value of $343,531.68. Following the transaction, the chief accounting officer now owns 48,333 shares of the company's stock, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.75% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on FCX shares. Wall Street Zen lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Tuesday, April 8th. Wolfe Research raised Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 target price for the company in a research report on Wednesday, April 16th. Raymond James Financial reaffirmed an "outperform" rating and set a $52.00 target price on shares of Freeport-McMoRan in a research report on Friday, April 25th. Dbs Bank upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Finally, Hsbc Global Res upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.27.

Freeport-McMoRan Stock Down 1.4%

Shares of FCX traded down $0.63 during trading hours on Friday, hitting $43.83. The stock had a trading volume of 13,658,987 shares, compared to its average volume of 13,406,734. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.32 and a quick ratio of 1.13. The firm has a 50 day simple moving average of $39.22 and a 200-day simple moving average of $38.15. The firm has a market capitalization of $62.99 billion, a P/E ratio of 36.23, a price-to-earnings-growth ratio of 0.85 and a beta of 1.64. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.23 by $0.01. The company had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. The firm's revenue for the quarter was down 9.4% compared to the same quarter last year. During the same period last year, the business posted $0.32 EPS. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.37%. Freeport-McMoRan's payout ratio is 24.79%.

About Freeport-McMoRan

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.