Pallas Capital Advisors LLC Buys Shares of 18,368 Freeport-McMoRan Inc. (NYSE:FCX)

Pallas Capital Advisors LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 18,368 shares of the natural resource company's stock, valued at approximately $695,000.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC increased its holdings in shares of Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock valued at $564,000 after acquiring an additional 2,882 shares during the period. Stephens Inc. AR increased its holdings in shares of Freeport-McMoRan by 4.8% in the 4th quarter. Stephens Inc. AR now owns 54,429 shares of the natural resource company's stock valued at $2,073,000 after acquiring an additional 2,493 shares during the period. Kestra Private Wealth Services LLC increased its holdings in shares of Freeport-McMoRan by 5.4% in the 4th quarter. Kestra Private Wealth Services LLC now owns 61,740 shares of the natural resource company's stock valued at $2,351,000 after acquiring an additional 3,167 shares during the period. Savant Capital LLC increased its holdings in shares of Freeport-McMoRan by 18.7% in the 4th quarter. Savant Capital LLC now owns 32,588 shares of the natural resource company's stock valued at $1,241,000 after acquiring an additional 5,143 shares during the period. Finally, Wingate Wealth Advisors Inc. acquired a new position in shares of Freeport-McMoRan in the 4th quarter valued at $39,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Insider Buying and Selling

In related news, CAO Ellie L. Mikes sold 8,584 shares of the business's stock in a transaction dated 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 now directly owns 48,333 shares in the company, valued at $1,934,286.66. The trade was a 15.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.75% of the company's stock.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX traded down $0.32 on Friday, reaching $40.86. 9,721,377 shares of the company were exchanged, compared to its average volume of 13,381,296. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $52.61. The firm has a market cap of $58.72 billion, a price-to-earnings ratio of 31.68, a price-to-earnings-growth ratio of 0.87 and a beta of 1.64. The company has a 50-day moving average of $37.39 and a 200-day moving average of $38.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly 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. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The business 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 company posted $0.32 EPS. The business's revenue for the quarter was down 9.4% on a year-over-year basis. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Investors 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 annualized dividend and a dividend yield of 1.47%. Freeport-McMoRan's dividend payout ratio is presently 24.79%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on FCX shares. Royal Bank of Canada lifted their target price on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. Raymond James reissued an "outperform" rating and issued a $52.00 price objective on shares of Freeport-McMoRan in a research note on Friday, April 25th. Wolfe Research raised shares of Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price objective on the stock in a research note on Wednesday, April 16th. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective on the stock in a research note on Thursday, March 6th. Finally, Wall Street Zen cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Tuesday, April 8th. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of "Moderate Buy" and an average target price of $47.82.

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.