Inscription Capital LLC Takes $271,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

Inscription Capital LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 7,164 shares of the natural resource company's stock, valued at approximately $271,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Grove Bank & Trust increased its position in Freeport-McMoRan by 17.0% during the first quarter. Grove Bank & Trust now owns 5,245 shares of the natural resource company's stock worth $199,000 after buying an additional 761 shares in the last quarter. QRG Capital Management Inc. boosted its stake in shares of Freeport-McMoRan by 9.8% during the first quarter. QRG Capital Management Inc. now owns 204,931 shares of the natural resource company's stock valued at $7,759,000 after acquiring an additional 18,310 shares during the last quarter. Shikiar Asset Management Inc. increased its position in Freeport-McMoRan by 18.3% during the 1st quarter. Shikiar Asset Management Inc. now owns 138,185 shares of the natural resource company's stock worth $5,232,000 after purchasing an additional 21,365 shares in the last quarter. Trust Co. of Toledo NA OH raised its stake in Freeport-McMoRan by 3.5% in the 1st quarter. Trust Co. of Toledo NA OH now owns 22,121 shares of the natural resource company's stock valued at $838,000 after purchasing an additional 738 shares during the last quarter. Finally, Fortis Advisors LLC raised its stake in Freeport-McMoRan by 13.3% in the 1st quarter. Fortis Advisors LLC now owns 13,675 shares of the natural resource company's stock valued at $518,000 after purchasing an additional 1,600 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on FCX shares. Wolfe Research upgraded shares of Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price target for the company in a report on Wednesday, April 16th. Raymond James Financial reiterated an "outperform" rating and issued a $52.00 price target on shares of Freeport-McMoRan in a report on Friday, April 25th. UBS Group decreased their price objective on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Wall Street Zen downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Tuesday, April 8th. Finally, Scotiabank upgraded Freeport-McMoRan from a "sector perform" rating to a "sector outperform" rating and increased their target price for the stock from $43.00 to $48.00 in a research report on Monday. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Freeport-McMoRan currently has an average rating of "Moderate Buy" and an average price target of $48.27.

Insiders Place Their Bets

In other news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction dated Monday, June 2nd. The stock was 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 now owns 48,333 shares in the company, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.75% of the stock is currently owned by insiders.

Freeport-McMoRan Stock Down 0.5%

Shares of NYSE:FCX opened at $41.17 on Thursday. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61. The stock has a 50-day simple moving average of $37.95 and a 200-day simple moving average of $38.23. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.13 and a current ratio of 2.32. The stock has a market capitalization of $59.16 billion, a P/E ratio of 34.02, a PEG ratio of 0.82 and a beta of 1.64.

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, topping the consensus estimate of $0.23 by $0.01. The company 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 business's quarterly revenue was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.32 earnings per share. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.46%. The ex-dividend date was Tuesday, April 15th. 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.

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