Aaron Wealth Advisors LLC Raises Position in Freeport-McMoRan Inc. (NYSE:FCX)

Aaron Wealth Advisors LLC lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 20.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 382,081 shares of the natural resource company's stock after purchasing an additional 65,108 shares during the period. Freeport-McMoRan accounts for about 1.7% of Aaron Wealth Advisors LLC's portfolio, making the stock its 13th biggest position. Aaron Wealth Advisors LLC's holdings in Freeport-McMoRan were worth $14,466,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in FCX. Rossby Financial LCC increased its stake in Freeport-McMoRan by 25.3% in the first quarter. Rossby Financial LCC now owns 15,715 shares of the natural resource company's stock valued at $587,000 after purchasing an additional 3,177 shares in the last quarter. Summit Trail Advisors LLC grew its stake in shares of Freeport-McMoRan by 39.9% in the 1st quarter. Summit Trail Advisors LLC now owns 15,816 shares of the natural resource company's stock valued at $599,000 after buying an additional 4,511 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Freeport-McMoRan by 4.9% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 167,334 shares of the natural resource company's stock valued at $6,335,000 after buying an additional 7,798 shares during the period. Cidel Asset Management Inc. increased its position in Freeport-McMoRan by 5.7% in the 1st quarter. Cidel Asset Management Inc. now owns 8,160 shares of the natural resource company's stock valued at $309,000 after buying an additional 438 shares in the last quarter. Finally, Vontobel Holding Ltd. raised its stake in Freeport-McMoRan by 25.4% during the 1st quarter. Vontobel Holding Ltd. now owns 219,856 shares of the natural resource company's stock worth $8,324,000 after buying an additional 44,569 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Stock Up 0.2%

Shares of FCX traded up $0.09 during trading hours on Thursday, reaching $45.86. 7,607,321 shares of the stock traded hands, compared to its average volume of 13,458,384. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61. The company has a market cap of $65.90 billion, a price-to-earnings ratio of 37.90, a PEG ratio of 0.86 and a beta of 1.64. The stock has a fifty day simple moving average of $40.01 and a 200 day simple moving average of $38.26. The company has a current ratio of 2.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.30.

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

Freeport-McMoRan Announces Dividend

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 issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.31%. Freeport-McMoRan's dividend payout ratio (DPR) is currently 24.79%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FCX. UBS Group reduced their price objective on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Wolfe Research upgraded Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 target price on the stock in a report on Wednesday, April 16th. JPMorgan Chase & Co. decreased their price target on shares of Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Royal Bank Of Canada upped their price objective on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective for the company in a report on Thursday, March 6th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.27.

Insider Buying and Selling

In other Freeport-McMoRan 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 value of $343,531.68. Following the completion of the transaction, the chief accounting officer owned 48,333 shares in the company, valued at $1,934,286.66. This represents a 15.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.75% of the company's stock.

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.