Quadrant Private Wealth Management LLC Acquires 45,036 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Quadrant Private Wealth Management LLC increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 310.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,548 shares of the natural resource company's stock after acquiring an additional 45,036 shares during the quarter. Quadrant Private Wealth Management LLC's holdings in Freeport-McMoRan were worth $2,254,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in Freeport-McMoRan by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company's stock worth $4,692,191,000 after buying an additional 642,776 shares in the last quarter. Wellington Management Group LLP lifted its position in Freeport-McMoRan by 237.4% in the 4th quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock worth $351,041,000 after buying an additional 6,486,011 shares in the last quarter. Stratos Investment Management LLC lifted its position in Freeport-McMoRan by 238.5% in the 1st quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company's stock worth $2,443,000 after buying an additional 45,458 shares in the last quarter. Community Bank N.A. increased its stake in shares of Freeport-McMoRan by 18.5% during the 1st quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company's stock worth $1,498,000 after purchasing an additional 6,188 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth $2,768,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on FCX shares. UBS Group cut shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and upped their price objective for the stock from $45.00 to $50.00 in a report on Friday, July 11th. Hsbc Global Res upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. Morgan Stanley cut shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and upped their price objective for the stock from $45.00 to $54.00 in a report on Tuesday, July 15th. Raymond James Financial reiterated an "outperform" rating and issued a $52.00 price objective on shares of Freeport-McMoRan in a report on Friday, April 25th. Finally, Stifel Nicolaus set a $56.00 price objective on shares of Freeport-McMoRan and gave the stock a "buy" rating in a report on Wednesday, July 9th. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, Freeport-McMoRan has an average rating of "Moderate Buy" and an average target price of $50.71.

Insiders Place Their Bets

In other news, CAO Ellie L. Mikes sold 8,584 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the completion of the transaction, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.75% of the stock is currently owned by company insiders.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock traded down $0.98 during mid-day trading on Wednesday, reaching $44.83. The company had a trading volume of 23,127,977 shares, compared to its average volume of 13,857,019. The company has a quick ratio of 1.13, a current ratio of 2.32 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61. The company has a 50 day moving average of $42.05 and a 200-day moving average of $38.86. The firm has a market cap of $64.42 billion, a price-to-earnings ratio of 37.05, a PEG ratio of 0.85 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. The firm had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. During the same period in the prior year, the firm earned $0.46 EPS. The business's revenue was up 14.5% on a year-over-year basis. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.34%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 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.