Greenwood Capital Associates LLC Boosts Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Greenwood Capital Associates LLC lifted its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 40.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 80,089 shares of the natural resource company's stock after purchasing an additional 22,922 shares during the quarter. Greenwood Capital Associates LLC's holdings in Freeport-McMoRan were worth $3,032,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Simon Quick Advisors LLC purchased a new position in shares of Freeport-McMoRan in the 1st quarter worth $254,000. Thompson Investment Management Inc. increased its stake in Freeport-McMoRan by 4.3% during the first quarter. Thompson Investment Management Inc. now owns 134,823 shares of the natural resource company's stock worth $5,104,000 after acquiring an additional 5,616 shares during the last quarter. Integrated Advisors Network LLC increased its stake in Freeport-McMoRan by 6.3% during the first quarter. Integrated Advisors Network LLC now owns 11,775 shares of the natural resource company's stock worth $446,000 after acquiring an additional 694 shares during the last quarter. Sonora Investment Management Group LLC increased its stake in Freeport-McMoRan by 13.5% during the first quarter. Sonora Investment Management Group LLC now owns 13,193 shares of the natural resource company's stock worth $499,000 after acquiring an additional 1,567 shares during the last quarter. Finally, Simplicity Wealth LLC purchased a new position in shares of Freeport-McMoRan during the first quarter valued at approximately $448,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 8,584 shares of the company'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 transaction, the chief accounting officer now owns 48,333 shares in the company, valued at approximately $1,934,286.66. This represents 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 accessible through this link. 0.75% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Scotiabank upped their target price on Freeport-McMoRan from $40.00 to $43.00 and gave the stock a "sector perform" rating in a report on Wednesday, May 14th. Hsbc Global Res upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. Dbs Bank upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. UBS Group decreased their target price on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Finally, Raymond James reaffirmed an "outperform" rating and issued a $52.00 target price on shares of Freeport-McMoRan in a report on Friday, April 25th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $47.82.

Freeport-McMoRan Stock Up 0.4%

Shares of Freeport-McMoRan stock traded up $0.18 during trading hours on Thursday, reaching $41.19. 8,749,035 shares of the company's stock were exchanged, compared to its average volume of 13,391,996. The company has a 50 day moving average of $36.94 and a two-hundred day moving average of $38.32. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The stock has a market cap of $59.19 billion, a P/E ratio of 31.93, a P/E/G ratio of 0.87 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly 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. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The firm had revenue of $5.73 billion for the quarter, compared to analysts' expectations of $5.36 billion. During the same period in the prior year, the firm earned $0.32 EPS. The business's revenue was down 9.4% on a year-over-year basis. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were given a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.46%. Freeport-McMoRan's dividend payout ratio is currently 24.79%.

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.