Aspetuck Financial Management LLC acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 14,901 shares of the natural resource company's stock, valued at approximately $564,000.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Mizuho Bank Ltd. purchased a new position in Freeport-McMoRan in the 4th quarter worth $26,000. Vision Financial Markets LLC purchased a new position in Freeport-McMoRan in the 4th quarter worth $27,000. Kohmann Bosshard Financial Services LLC purchased a new position in Freeport-McMoRan in the 4th quarter worth $29,000. Coppell Advisory Solutions LLC raised its stake in Freeport-McMoRan by 47.4% in the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock worth $32,000 after acquiring an additional 268 shares during the last quarter. Finally, City Holding Co. purchased a new position in Freeport-McMoRan in the 1st quarter worth $33,000. Hedge funds and other institutional investors own 80.77% of the company's stock.
Freeport-McMoRan Price Performance
Shares of NYSE:FCX traded down $0.63 during trading on Friday, reaching $43.83. 13,658,987 shares of the company's stock traded hands, compared to its average volume of 13,403,288. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The company has a quick ratio of 1.13, a current ratio of 2.32 and a debt-to-equity ratio of 0.30. The firm has a market cap of $62.99 billion, a PE ratio of 36.23, a P/E/G ratio of 0.87 and a beta of 1.64. The company has a 50-day simple moving average of $39.22 and a 200-day simple moving average of $38.18.
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, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $5.36 billion. During the same period last year, the firm earned $0.32 EPS. The company's quarterly revenue was down 9.4% on a year-over-year basis. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.
Freeport-McMoRan Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be issued 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%.
Insider Buying and Selling
In related news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the sale, the chief accounting officer now directly owns 48,333 shares in the company, valued at approximately $1,934,286.66. The trade was a 15.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.75% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
FCX has been the subject of a number of research analyst reports. UBS Group reduced their target price 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. Dbs Bank raised Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Raymond James Financial reaffirmed an "outperform" rating and set a $52.00 price target on shares of Freeport-McMoRan in a research report on Friday, April 25th. Wall Street Zen downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Tuesday, April 8th. 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 report on Wednesday, April 16th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of "Moderate Buy" and an average target price of $48.27.
View Our Latest Stock Report on FCX
Freeport-McMoRan Company Profile
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Free Report)
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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