Stratos Investment Management LLC Grows Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Stratos Investment Management LLC grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 238.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 64,519 shares of the natural resource company's stock after acquiring an additional 45,458 shares during the period. Stratos Investment Management LLC's holdings in Freeport-McMoRan were worth $2,443,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of FCX. Mizuho Bank Ltd. bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at $26,000. Coppell Advisory Solutions LLC increased its stake in 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 buying an additional 268 shares in the last quarter. City Holding Co. purchased a new stake in Freeport-McMoRan in the 1st quarter worth $33,000. Bernard Wealth Management Corp. purchased a new stake in Freeport-McMoRan in the 4th quarter worth $35,000. Finally, Murphy & Mullick Capital Management Corp purchased a new stake in Freeport-McMoRan in the 4th quarter worth $40,000. Institutional investors own 80.77% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Citigroup increased 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. Jefferies Financial Group reissued a "buy" rating and set a $50.00 price objective (up previously from $48.00) on shares of Freeport-McMoRan in a report on Friday, April 25th. Scotiabank raised shares of Freeport-McMoRan from a "sector perform" rating to a "sector outperform" rating and increased their price objective for the company from $43.00 to $48.00 in a report on Monday, June 16th. UBS Group dropped their price objective on shares of Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Finally, Wall Street Zen cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Tuesday, April 8th. Five research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $48.25.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the firm'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 completion of the sale, the chief accounting officer directly owned 48,333 shares in the company, valued at $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.79% of the stock is currently owned by company insiders.

Freeport-McMoRan Trading Up 2.7%

Shares of NYSE:FCX traded up $1.21 during trading on Tuesday, reaching $46.34. 44,971,011 shares of the company were exchanged, compared to its average volume of 13,629,825. The firm has a market capitalization of $66.59 billion, a PE ratio of 38.30, a P/E/G ratio of 0.87 and a beta of 1.64. The business's fifty day simple moving average is $40.33 and its 200-day simple moving average is $38.34. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.32 and a quick ratio of 1.13.

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, beating analysts' consensus estimates of $0.23 by $0.01. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. The firm had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. During the same period last year, the firm earned $0.32 earnings per share. The company's quarterly revenue was down 9.4% on a year-over-year basis. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders 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 (DPR) is 24.79%.

Freeport-McMoRan Company 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.