Easterly Investment Partners LLC Has $8.21 Million Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Easterly Investment Partners LLC grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 17.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 216,730 shares of the natural resource company's stock after acquiring an additional 32,377 shares during the quarter. Easterly Investment Partners LLC's holdings in Freeport-McMoRan were worth $8,205,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of FCX. Coppell Advisory Solutions LLC boosted its stake in shares of 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 acquiring an additional 268 shares during the last quarter. Capital Investment Advisory Services LLC boosted its stake in Freeport-McMoRan by 3.2% in the 1st quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company's stock worth $345,000 after buying an additional 278 shares during the last quarter. Palogic Value Management L.P. boosted its stake in Freeport-McMoRan by 1.5% in the 4th 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 last quarter. Hexagon Capital Partners LLC boosted its stake in Freeport-McMoRan by 12.2% in the 1st quarter. Hexagon Capital Partners LLC now owns 2,760 shares of the natural resource company's stock worth $104,000 after buying an additional 301 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its stake in Freeport-McMoRan by 0.9% in the 4th 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 last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Insider Activity at Freeport-McMoRan

In other 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 transaction of $343,531.68. Following the sale, the chief accounting officer directly owned 48,333 shares of the company's stock, 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 Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.79% of the company's stock.

Freeport-McMoRan Stock Performance

NYSE:FCX traded up $0.34 during midday trading on Friday, reaching $44.80. 13,552,529 shares of the company traded hands, compared to its average volume of 13,838,264. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $52.61. The firm has a market capitalization of $64.38 billion, a price-to-earnings ratio of 37.02, a price-to-earnings-growth ratio of 0.82 and a beta of 1.64. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.32 and a quick ratio of 1.13. The company has a fifty day moving average price of $41.81 and a 200 day moving average price of $38.76.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results 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 firm had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. The firm's revenue for the quarter was down 9.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.32 EPS. On average, analysts expect 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. Stockholders of record on Tuesday, July 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.34%. Freeport-McMoRan's dividend payout ratio is presently 24.79%.

Analysts Set New Price Targets

A number of brokerages have issued reports on FCX. Citigroup raised 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, July 8th. Morgan Stanley downgraded Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and raised their price objective for the stock from $45.00 to $54.00 in a report on Tuesday, July 15th. Hsbc Global Res upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. Stifel Nicolaus set a $56.00 price objective on Freeport-McMoRan and gave the stock a "buy" rating in a report on Wednesday, July 9th. Finally, Raymond James Financial restated an "outperform" rating and issued a $52.00 price objective on shares of Freeport-McMoRan in a report on Friday, April 25th. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $50.71.

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.