Jackson Square Capital LLC Buys New Position in Freeport-McMoRan Inc. (NYSE:FCX)

Jackson Square Capital LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 44,883 shares of the natural resource company's stock, valued at approximately $1,699,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Coppell Advisory Solutions LLC boosted its stake in Freeport-McMoRan by 47.4% in the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock valued at $32,000 after buying an additional 268 shares in the last quarter. Palogic Value Management L.P. boosted its stake in Freeport-McMoRan by 1.5% in the fourth quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company's stock valued at $772,000 after buying an additional 292 shares in the last quarter. CIBC Private Wealth Group LLC boosted its stake in Freeport-McMoRan by 0.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 36,514 shares of the natural resource company's stock valued at $1,451,000 after buying an additional 309 shares in the last quarter. Inspire Advisors LLC boosted its stake in Freeport-McMoRan by 2.6% in the fourth quarter. Inspire Advisors LLC now owns 12,965 shares of the natural resource company's stock valued at $494,000 after buying an additional 325 shares in the last quarter. Finally, Avidian Wealth Enterprises LLC boosted its stake in Freeport-McMoRan by 7.7% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 5,453 shares of the natural resource company's stock valued at $208,000 after buying an additional 389 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on FCX shares. Royal Bank of Canada raised their price objective on Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. Dbs Bank raised Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $50.00 price objective (up from $48.00) on shares of Freeport-McMoRan in a research note on Friday, April 25th. Raymond James reiterated an "outperform" rating and issued a $52.00 target price on shares of Freeport-McMoRan in a research report on Friday, April 25th. Finally, Wolfe Research upgraded Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 target price for the company in a research report on Wednesday, April 16th. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of "Moderate Buy" and an average target price of $47.82.

Freeport-McMoRan Trading Down 0.8%

Shares of FCX traded down $0.32 during mid-day trading on Friday, reaching $40.86. 9,721,377 shares of the company were exchanged, compared to its average volume of 13,381,296. 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 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The stock has a market capitalization of $58.72 billion, a PE ratio of 31.68, a PEG ratio of 0.87 and a beta of 1.64. The business has a 50 day simple moving average of $37.39 and a two-hundred day simple moving average of $38.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.01. The business had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The firm's revenue for the quarter was down 9.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.32 earnings per share. On average, analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were issued 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 1.47%. Freeport-McMoRan's payout ratio is currently 24.79%.

Insider Activity

In other news, CAO Ellie L. Mikes sold 8,584 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total transaction of $343,531.68. Following the completion of the sale, the chief accounting officer now owns 48,333 shares in the company, valued at $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.75% 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.