DekaBank Deutsche Girozentrale Buys 182,338 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

DekaBank Deutsche Girozentrale raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 7.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,580,155 shares of the natural resource company's stock after purchasing an additional 182,338 shares during the quarter. DekaBank Deutsche Girozentrale owned approximately 0.18% of Freeport-McMoRan worth $97,315,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in FCX. Mizuho Bank Ltd. purchased a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $26,000. Coppell Advisory Solutions LLC grew its stake in shares of Freeport-McMoRan by 47.4% during the 4th 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 during the period. City Holding Co. bought a new position in shares of Freeport-McMoRan during the 1st quarter valued at approximately $33,000. Bernard Wealth Management Corp. purchased a new position in Freeport-McMoRan in the 4th quarter worth approximately $35,000. Finally, Murphy & Mullick Capital Management Corp purchased a new stake in shares of Freeport-McMoRan during the 4th quarter worth approximately $40,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock traded down $0.84 during midday trading on Friday, hitting $46.37. The company had a trading volume of 17,116,883 shares, compared to its average volume of 13,804,602. The company has a quick ratio of 1.13, a current ratio of 2.32 and a debt-to-equity ratio of 0.30. The stock has a market cap of $66.64 billion, a price-to-earnings ratio of 38.32, a PEG ratio of 0.91 and a beta of 1.64. The company has a fifty day simple moving average of $41.09 and a 200 day simple moving average of $38.54. 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 released its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. The business had revenue of $5.73 billion during the quarter, compared to analysts' expectations of $5.36 billion. During the same period in the previous year, the company earned $0.32 EPS. The company's revenue for the quarter was down 9.4% on a year-over-year basis. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed 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 1.29%. Freeport-McMoRan's dividend payout ratio (DPR) is 24.79%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. UBS Group cut Freeport-McMoRan from a "buy" rating to a "neutral" rating and increased their price target for the company from $45.00 to $50.00 in a research note on Friday. Raymond James Financial reaffirmed an "outperform" rating and set a $52.00 price objective on shares of Freeport-McMoRan in a research report on Friday, April 25th. JPMorgan Chase & Co. increased their target price on Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday. Stifel Nicolaus set a $56.00 price objective on Freeport-McMoRan and gave the stock a "buy" rating in a report on Wednesday. Finally, Citigroup lifted their price target on Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a research note on Tuesday. Seven research analysts have rated the stock with a hold rating, nine have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, Freeport-McMoRan has an average rating of "Moderate Buy" and an average target price of $51.00.

Insider Activity

In related news, CAO Ellie L. Mikes sold 8,584 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the sale, the chief accounting officer directly owned 48,333 shares in the company, valued at $1,934,286.66. The trade was a 15.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.75% of the company's stock.

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.