Ceredex Value Advisors LLC acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 692,700 shares of the natural resource company's stock, valued at approximately $26,226,000.
A number of other large investors have also added to or reduced their stakes in FCX. Brighton Jones LLC raised its stake in Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock valued at $564,000 after buying an additional 2,882 shares during the last quarter. Bank Pictet & Cie Europe AG raised its holdings in Freeport-McMoRan by 27.2% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 540,046 shares of the natural resource company's stock worth $20,565,000 after acquiring an additional 115,552 shares during the last quarter. Integrated Wealth Concepts LLC raised its holdings in Freeport-McMoRan by 3.9% in the 4th quarter. Integrated Wealth Concepts LLC now owns 50,974 shares of the natural resource company's stock worth $1,941,000 after acquiring an additional 1,926 shares during the last quarter. Kovitz Investment Group Partners LLC raised its holdings in Freeport-McMoRan by 14.9% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 55,494 shares of the natural resource company's stock worth $2,113,000 after acquiring an additional 7,193 shares during the last quarter. Finally, Coldstream Capital Management Inc. raised its holdings in Freeport-McMoRan by 1.9% in the 4th quarter. Coldstream Capital Management Inc. now owns 25,691 shares of the natural resource company's stock worth $978,000 after acquiring an additional 467 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.
Insider Activity at Freeport-McMoRan
In related 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 completion of the sale, the chief accounting officer owned 48,333 shares in the company, valued at $1,934,286.66. This trade represents a 15.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.75% of the company's stock.
Analyst Ratings Changes
FCX has been the subject of a number of recent research reports. Wall Street Zen raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. UBS Group lowered Freeport-McMoRan from a "buy" rating to a "neutral" rating and upped their price objective for the stock from $45.00 to $50.00 in a research note on Friday, July 11th. Royal Bank Of Canada upped their price objective on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. JPMorgan Chase & Co. upped their price objective on Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Finally, Morgan Stanley downgraded shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and upped their target price for the stock from $45.00 to $54.00 in a report on Tuesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and an average target price of $51.00.
Check Out Our Latest Analysis on FCX
Freeport-McMoRan Price Performance
FCX stock opened at $43.68 on Tuesday. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average price of $43.08 and a 200 day moving average price of $39.49. The stock has a market cap of $62.71 billion, a PE ratio of 33.09, a P/E/G ratio of 0.82 and a beta of 1.63.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The firm had revenue of $7.58 billion during the quarter, compared to analysts' expectations of $6.85 billion. During the same period in the previous year, the company earned $0.46 EPS. The firm's revenue for the quarter was up 14.5% compared to the same quarter last year. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.
Freeport-McMoRan Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. Freeport-McMoRan's dividend payout ratio is presently 22.73%.
Freeport-McMoRan 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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