Alps Advisors Inc. Has $8.21 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Alps Advisors Inc. raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 19.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 216,960 shares of the natural resource company's stock after buying an additional 35,793 shares during the quarter. Alps Advisors Inc.'s holdings in Freeport-McMoRan were worth $8,214,000 at the end of the most recent quarter.

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 during the 4th quarter worth approximately $26,000. Coppell Advisory Solutions LLC grew 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 purchasing an additional 268 shares in the last quarter. City Holding Co. acquired a new stake in shares of Freeport-McMoRan during the 1st quarter worth approximately $33,000. Bernard Wealth Management Corp. acquired a new stake in shares of Freeport-McMoRan during the 4th quarter worth approximately $35,000. Finally, Murphy & Mullick Capital Management Corp acquired a new stake in shares of Freeport-McMoRan during the 4th quarter worth approximately $40,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FCX. Bank of America reissued a "neutral" rating and set a $56.00 price objective on shares of Freeport-McMoRan in a report on Wednesday. Stifel Nicolaus began coverage on Freeport-McMoRan in a report on Wednesday. They set a "buy" rating and a $56.00 price objective on the stock. Stifel Canada raised Freeport-McMoRan to a "strong-buy" rating in a report on Tuesday. JPMorgan Chase & Co. lifted their price objective on Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a report on Wednesday. Finally, Wolfe Research raised Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price target on the stock in a research note on Wednesday, April 16th. Six equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Freeport-McMoRan has an average rating of "Moderate Buy" and a consensus price target of $50.64.

Insider Buying and Selling at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 8,584 shares of the business'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 $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.75% of the stock is currently owned by insiders.

Freeport-McMoRan Trading Up 3.5%

Shares of FCX opened at $47.19 on Friday. The stock has a fifty day moving average price of $40.92 and a two-hundred day moving average price of $38.50. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.13 and a current ratio of 2.32. 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 $67.82 billion, a price-to-earnings ratio of 39.00, a PEG ratio of 0.87 and a beta of 1.64.

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

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.27%. Freeport-McMoRan's payout ratio 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.

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