Cumberland Partners Ltd Buys Shares of 16,750 Freeport-McMoRan Inc. (NYSE:FCX)

Key Points

• Cumberland Partners Ltd acquired a new stake in Freeport-McMoRan Inc. valued at approximately $634,000, purchasing 16,750 shares during the first quarter.
• Analysts have mixed views on the stock, with Morgan Stanley downgrading it to "equal weight" while other firms maintain buy ratings, setting target prices between $50 and $54.
• Freeport-McMoRan reported a strong quarterly earnings result, with an EPS of $0.54, exceeding expectations and a revenue of $7.58 billion, marking a 14.5% increase year-over-year.

Cumberland Partners Ltd bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 16,750 shares of the natural resource company's stock, valued at approximately $634,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Mizuho Bank Ltd. acquired a new position in shares of Freeport-McMoRan in the 4th quarter worth approximately $26,000. Coppell Advisory Solutions LLC lifted its position in shares of Freeport-McMoRan by 47.4% in the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock worth $32,000 after purchasing an additional 268 shares during the period. City Holding Co. acquired a new position in shares of Freeport-McMoRan in the 1st quarter worth approximately $33,000. Bernard Wealth Management Corp. acquired a new position in shares of Freeport-McMoRan in the 4th quarter worth approximately $35,000. Finally, Wolff Wiese Magana LLC lifted its position in shares of Freeport-McMoRan by 38.2% in the 1st quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company's stock worth $44,000 after purchasing an additional 319 shares during the period. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Down 1.7%

FCX traded down $0.69 during trading on Tuesday, hitting $39.73. 1,399,629 shares of the company's stock were exchanged, compared to its average volume of 16,146,599. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The stock has a market cap of $57.09 billion, a P/E ratio of 30.01, a PEG ratio of 0.75 and a beta of 1.63. The business's 50 day moving average is $42.75 and its two-hundred day moving average is $39.04.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $6.85 billion. During the same quarter in the prior year, the business posted $0.46 EPS. The business's revenue was up 14.5% compared to the same quarter last year. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. Freeport-McMoRan's dividend payout ratio (DPR) is currently 22.73%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on FCX shares. Stifel Nicolaus started coverage on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. They issued a "buy" rating and a $56.00 price target on the stock. Wall Street Zen upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Raymond James Financial reiterated an "outperform" rating and set a $52.00 target price on shares of Freeport-McMoRan in a research report on Friday, April 25th. JPMorgan Chase & Co. boosted their target price 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. Finally, Citigroup boosted their target price on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.00.

Insider Buying and Selling

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the business's stock in a transaction on 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 of the company's stock, valued at approximately $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.79% 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.