Freeport-McMoRan Inc. (NYSE:FCX) Stock Position Boosted by Hourglass Capital LLC

Hourglass Capital LLC grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 3.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 163,683 shares of the natural resource company's stock after buying an additional 6,093 shares during the quarter. Freeport-McMoRan accounts for 1.6% of Hourglass Capital LLC's portfolio, making the stock its 25th largest position. Hourglass Capital LLC's holdings in Freeport-McMoRan were worth $6,197,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of FCX. Wellington Management Group LLP grew its stake in Freeport-McMoRan by 237.4% during the fourth 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 during the period. Price T Rowe Associates Inc. MD grew its stake in Freeport-McMoRan by 21.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock worth $1,214,203,000 after buying an additional 5,735,171 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in Freeport-McMoRan by 38.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company's stock worth $619,682,000 after buying an additional 4,488,210 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Freeport-McMoRan by 13.7% during the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company's stock worth $830,726,000 after purchasing an additional 2,642,810 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in shares of Freeport-McMoRan by 8.0% during the fourth quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock worth $1,123,445,000 after purchasing an additional 2,191,926 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FCX has been the topic of a number of recent research reports. Royal Bank Of Canada boosted their target price 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. Scotiabank raised shares of Freeport-McMoRan from a "sector perform" rating to a "sector outperform" rating and boosted their target price for the stock from $43.00 to $48.00 in a research report on Monday, June 16th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $50.00 price target (up from $48.00) on shares of Freeport-McMoRan in a report on Friday, April 25th. Citigroup upped their price target on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a report on Tuesday. Finally, JPMorgan Chase & Co. cut their price target on shares of Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Five equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $48.25.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock traded up $1.21 during trading on Tuesday, hitting $46.34. 44,971,011 shares of the stock were exchanged, compared to its average volume of 13,629,825. The stock's fifty day moving average is $40.33 and its 200 day moving average is $38.34. The stock has a market cap 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 company has a debt-to-equity ratio of 0.30, a quick ratio of 1.13 and a current ratio of 2.32. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. The business had revenue of $5.73 billion during the quarter, compared to analyst estimates of $5.36 billion. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. The company's quarterly revenue was down 9.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.32 earnings per share. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current 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 given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.29%. Freeport-McMoRan's dividend payout ratio is currently 24.79%.

Insider Activity 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 completion of the transaction, the chief accounting officer owned 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.79% of the company's stock.

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.