Quadrant Private Wealth Management LLC Increases Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Quadrant Private Wealth Management LLC raised its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 310.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on FCX. Jefferies Financial Group reiterated a "buy" rating and issued a $50.00 price target (up from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. UBS Group lowered Freeport-McMoRan from a "buy" rating to a "neutral" rating and increased their target price for the stock from $45.00 to $50.00 in a report on Friday, July 11th. Citigroup increased their price objective on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Stifel Nicolaus set a $56.00 price target on shares of Freeport-McMoRan and gave the company a "buy" rating in a research report on Wednesday, July 9th. Finally, Royal Bank Of Canada boosted their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. Eight investment 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. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $51.00.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the 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. This represents a 15.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.75% of the company's stock.

Freeport-McMoRan Stock Performance

Shares of FCX traded down $0.23 during trading hours on Thursday, hitting $44.61. The company's stock had a trading volume of 13,221,289 shares, compared to its average volume of 16,348,872. The business has a 50 day simple moving average of $42.17 and a two-hundred day simple moving average of $38.90. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.13. The company has a market cap of $64.10 billion, a price-to-earnings ratio of 33.79, a PEG ratio of 0.83 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. The business had revenue of $7.58 billion for the quarter, compared to analysts' expectations of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business's revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.46 EPS. On average, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders 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 dividend yield of 1.35%. Freeport-McMoRan's payout ratio is 24.79%.

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.