CCM Investment Advisers LLC Buys 100,275 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

CCM Investment Advisers LLC raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 59.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 268,826 shares of the natural resource company's stock after purchasing an additional 100,275 shares during the period. CCM Investment Advisers LLC's holdings in Freeport-McMoRan were worth $10,178,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Coppell Advisory Solutions LLC raised its position in Freeport-McMoRan by 47.4% during the fourth 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 in the last quarter. Palogic Value Management L.P. increased its holdings 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 worth $772,000 after buying an additional 292 shares during the period. CIBC Private Wealth Group LLC increased its holdings in shares of Freeport-McMoRan by 0.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 36,514 shares of the natural resource company's stock worth $1,451,000 after buying an additional 309 shares during the period. Inspire Advisors LLC increased its holdings in shares of Freeport-McMoRan by 2.6% in the fourth quarter. Inspire Advisors LLC now owns 12,965 shares of the natural resource company's stock worth $494,000 after buying an additional 325 shares during the period. Finally, Avidian Wealth Enterprises LLC increased its holdings in shares of Freeport-McMoRan by 7.7% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 5,453 shares of the natural resource company's stock worth $208,000 after buying an additional 389 shares during the period. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Trading Down 0.8%

Shares of NYSE FCX traded down $0.32 during trading hours on Friday, hitting $40.86. The company's stock had a trading volume of 9,721,377 shares, compared to its average volume of 13,401,527. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The stock has a market cap of $58.72 billion, a price-to-earnings ratio of 31.68, a P/E/G ratio of 0.87 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. The business has a 50-day simple moving average of $37.39 and a 200-day simple moving average of $38.20.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.01. The business had revenue of $5.73 billion for the quarter, compared to analysts' expectations of $5.36 billion. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The business's revenue was down 9.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.32 EPS. On average, analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.47%. Freeport-McMoRan's payout ratio is 24.79%.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 48,333 shares of the company's stock, valued at approximately $1,934,286.66. The trade was a 15.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.75% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on FCX. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective on the stock in a report on Thursday, March 6th. UBS Group decreased their price objective on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Scotiabank lifted their price objective on Freeport-McMoRan from $40.00 to $43.00 and gave the stock a "sector perform" rating in a report on Wednesday, May 14th. Wolfe Research upgraded Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price objective on the stock in a report on Wednesday, April 16th. Finally, Jefferies Financial Group reiterated a "buy" rating and issued a $50.00 price objective (up previously from $48.00) on shares of Freeport-McMoRan in a report on Friday, April 25th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.82.

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.