Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Carnegie Investment Counsel

Carnegie Investment Counsel lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 21.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 59,659 shares of the natural resource company's stock after acquiring an additional 10,379 shares during the quarter. Carnegie Investment Counsel's holdings in Freeport-McMoRan were worth $2,259,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FCX. Wellington Management Group LLP increased its stake in shares of Freeport-McMoRan by 237.4% in the fourth quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock worth $351,041,000 after acquiring an additional 6,486,011 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Freeport-McMoRan by 21.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock worth $1,214,203,000 after acquiring an additional 5,735,171 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Freeport-McMoRan by 38.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company's stock worth $619,682,000 after acquiring an additional 4,488,210 shares during the period. Bank of New York Mellon Corp grew its position in Freeport-McMoRan by 13.7% during the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company's stock valued at $830,726,000 after buying an additional 2,642,810 shares during the period. Finally, Franklin Resources Inc. grew its position in Freeport-McMoRan by 8.0% during the fourth quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock valued at $1,123,445,000 after buying an additional 2,191,926 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX traded up $0.29 during midday trading on Friday, hitting $44.87. The company's stock had a trading volume of 16,007,915 shares, compared to its average volume of 15,985,843. The business's 50 day simple moving average is $42.43 and its 200 day simple moving average is $38.99. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.13 and a current ratio of 2.47. The company has a market cap of $64.48 billion, a P/E ratio of 33.99, a price-to-earnings-growth ratio of 0.80 and a beta of 1.64. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.09. The firm had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company's revenue for the quarter was up 14.5% on a year-over-year basis. During the same period last year, the firm posted $0.46 earnings per share. On average, analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.34%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 24.79%.

Insider Buying and Selling

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the transaction, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.75% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

FCX has been the topic of several analyst reports. Morgan Stanley lowered shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and raised their price target for the company from $45.00 to $54.00 in a research report on Tuesday, July 15th. Jefferies Financial Group restated 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. Scotiabank raised their price target on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a research report on Wednesday, July 9th. Royal Bank Of Canada raised their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. Finally, BMO Capital Markets dropped their price target on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating on the stock in a research report on Thursday. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $51.00.

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.