Freeport-McMoRan Inc. (NYSE:FCX) Stake Raised by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 3.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,469,761 shares of the natural resource company's stock after purchasing an additional 42,664 shares during the quarter. Envestnet Asset Management Inc. owned 0.10% of Freeport-McMoRan worth $55,645,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Mizuho Bank Ltd. bought a new position in shares of Freeport-McMoRan in the fourth quarter worth $26,000. Coppell Advisory Solutions LLC grew its stake in shares of Freeport-McMoRan by 47.4% in the fourth 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 in the last quarter. City Holding Co. bought a new position in shares of Freeport-McMoRan in the first quarter worth $33,000. Bernard Wealth Management Corp. bought a new position in shares of Freeport-McMoRan in the fourth quarter worth $35,000. Finally, Murphy & Mullick Capital Management Corp bought a new position in shares of Freeport-McMoRan in the fourth quarter worth $40,000. Institutional investors own 80.77% of the company's stock.

Analyst Upgrades and Downgrades

FCX has been the subject of several recent analyst reports. Jefferies Financial Group reissued a "buy" rating and issued a $50.00 price target (up previously from $48.00) on shares of Freeport-McMoRan in a research note on Friday, April 25th. Wall Street Zen cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Tuesday, April 8th. Royal Bank Of Canada raised their target price on Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. Citigroup raised their target price on Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a research note on Tuesday. Finally, Wolfe Research raised Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 target price for the company in a research note on Wednesday, April 16th. Seven investment 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 stock. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of "Moderate Buy" and an average target price of $51.00.

Freeport-McMoRan Trading Down 1.8%

Shares of NYSE FCX traded down $0.84 during mid-day trading on Friday, hitting $46.37. 17,116,883 shares of the company traded hands, compared to its average volume of 13,781,400. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61. The stock has a market capitalization of $66.64 billion, a price-to-earnings ratio of 38.32, a PEG ratio of 0.92 and a beta of 1.64. 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 business has a 50 day moving average of $41.09 and a two-hundred day moving average of $38.55.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. The business had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same period in the prior year, the business posted $0.32 earnings per share. Freeport-McMoRan's revenue was down 9.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.29%. Freeport-McMoRan's dividend payout ratio is currently 24.79%.

Insider Transactions at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the 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 completion of the sale, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at approximately $1,934,286.66. This represents a 15.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate 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.