Cetera Investment Advisers Has $15.65 Million Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Cetera Investment Advisers increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 34.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 413,419 shares of the natural resource company's stock after purchasing an additional 105,319 shares during the period. Cetera Investment Advisers' holdings in Freeport-McMoRan were worth $15,652,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Avantax Advisory Services Inc. increased its position in shares of Freeport-McMoRan by 0.8% during the 1st quarter. Avantax Advisory Services Inc. now owns 73,700 shares of the natural resource company's stock valued at $2,790,000 after purchasing an additional 579 shares during the period. Princeton Capital Management LLC boosted its stake in Freeport-McMoRan by 1.1% during the first quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company's stock valued at $984,000 after buying an additional 275 shares in the last quarter. Advisor OS LLC bought a new position in Freeport-McMoRan during the first quarter valued at about $282,000. Carnegie Investment Counsel grew its holdings in Freeport-McMoRan by 21.1% during the first quarter. Carnegie Investment Counsel now owns 59,659 shares of the natural resource company's stock worth $2,259,000 after acquiring an additional 10,379 shares during the period. Finally, Machina Capital S.A.S. raised its position in Freeport-McMoRan by 23.4% in the first quarter. Machina Capital S.A.S. now owns 38,174 shares of the natural resource company's stock worth $1,445,000 after acquiring an additional 7,237 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FCX. JPMorgan Chase & Co. raised their price objective on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Jefferies Financial Group restated a "buy" rating and set a $50.00 target price (up from $48.00) on shares of Freeport-McMoRan in a report on Friday, April 25th. Bank of America restated a "neutral" rating and issued a $56.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. Stifel Nicolaus began coverage on Freeport-McMoRan in a research report on Wednesday, July 9th. They set a "buy" rating and a $56.00 price objective for the company. Finally, Morgan Stanley cut Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and lifted their target price for the stock from $45.00 to $54.00 in a report on Tuesday, July 15th. Eight investment 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 MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $51.00.

Freeport-McMoRan Stock Down 1.4%

NYSE:FCX traded down $0.56 on Friday, hitting $39.68. 6,655,874 shares of the company's stock traded hands, compared to its average volume of 16,209,059. The company has a market cap of $57.02 billion, a PE ratio of 30.11, a price-to-earnings-growth ratio of 0.71 and a beta of 1.64. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year 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 firm has a 50-day moving average price of $42.70 and a 200-day moving average price of $39.05.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating analysts' consensus estimates 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 firm's revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.46 earnings per share. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal 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 dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. Freeport-McMoRan's dividend payout ratio is 22.73%.

Insider Activity

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the business's 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 transaction, the chief accounting officer owned 48,333 shares in the company, 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 SEC, which is available through the SEC website. Corporate insiders own 0.75% of the company's stock.

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.