Asset Dedication LLC Has $239,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

Asset Dedication LLC raised its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 2,440.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,300 shares of the natural resource company's stock after acquiring an additional 6,052 shares during the quarter. Asset Dedication LLC's holdings in Freeport-McMoRan were worth $239,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Coppell Advisory Solutions LLC boosted its holdings 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 valued at $32,000 after purchasing an additional 268 shares during the period. Capital Investment Advisory Services LLC raised its position in shares of Freeport-McMoRan by 3.2% in the first quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company's stock valued at $345,000 after buying an additional 278 shares in the last quarter. Palogic Value Management L.P. boosted its stake in shares of Freeport-McMoRan by 1.5% in the fourth quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company's stock valued at $772,000 after buying an additional 292 shares during the period. Hexagon Capital Partners LLC grew its position in Freeport-McMoRan by 12.2% during the first quarter. Hexagon Capital Partners LLC now owns 2,760 shares of the natural resource company's stock worth $104,000 after buying an additional 301 shares in the last quarter. Finally, CIBC Private Wealth Group LLC increased its stake in Freeport-McMoRan by 0.9% during the 4th quarter. CIBC Private Wealth Group LLC now owns 36,514 shares of the natural resource company's stock worth $1,451,000 after acquiring an additional 309 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FCX. Stifel Canada raised Freeport-McMoRan to a "strong-buy" rating in a report on Tuesday, July 8th. Wolfe Research raised shares of Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price objective for the company in a research report on Wednesday, April 16th. Raymond James Financial reissued an "outperform" rating and issued a $52.00 target price on shares of Freeport-McMoRan in a report on Friday, April 25th. Wall Street Zen cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Tuesday, April 8th. Finally, Jefferies Financial Group reiterated a "buy" rating and set a $50.00 price target (up previously from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Seven investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and an average target price of $51.00.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were 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 directly owned 48,333 shares in the company, valued at approximately $1,934,286.66. This represents a 15.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.79% of the stock is owned by insiders.

Freeport-McMoRan Stock Down 1.8%

Shares of FCX opened at $46.37 on Monday. 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 stock has a market capitalization of $66.64 billion, a price-to-earnings ratio of 38.32, a PEG ratio of 0.88 and a beta of 1.64. The stock has a fifty day moving average of $41.09 and a 200-day moving average of $38.54.

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 the consensus estimate of $0.23 by $0.01. The firm 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 business's quarterly revenue was down 9.4% on a year-over-year basis. During the same period last year, the company earned $0.32 earnings per share. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.29%. Freeport-McMoRan's dividend payout ratio is presently 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.

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