Portside Wealth Group LLC Has $1.14 Million Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Portside Wealth Group LLC grew its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 25.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,088 shares of the natural resource company's stock after purchasing an additional 6,092 shares during the quarter. Portside Wealth Group LLC's holdings in Freeport-McMoRan were worth $1,139,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in FCX. Madison Investment Advisors LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at $3,388,000. Vanguard Group Inc. lifted its position in shares of Freeport-McMoRan by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company's stock valued at $4,692,191,000 after acquiring an additional 642,776 shares during the period. Wellington Management Group LLP lifted its position in shares of Freeport-McMoRan by 237.4% during the 4th quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock valued at $351,041,000 after acquiring an additional 6,486,011 shares during the period. PGGM Investments lifted its position in shares of Freeport-McMoRan by 220.3% during the 4th quarter. PGGM Investments now owns 40,467 shares of the natural resource company's stock valued at $1,541,000 after acquiring an additional 27,834 shares during the period. Finally, Headlands Technologies LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at $2,768,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

Shares of FCX traded down $0.32 during trading hours on Friday, reaching $40.86. The stock had a trading volume of 9,721,377 shares, compared to its average volume of 13,381,273. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61. 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 company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The company's 50-day moving average is $37.39 and its two-hundred day moving average is $38.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results 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 business had revenue of $5.73 billion during the quarter, compared to analyst estimates of $5.36 billion. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. Freeport-McMoRan's revenue for the quarter was down 9.4% compared to the same quarter last year. During the same period last year, the company earned $0.32 EPS. Research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 15th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.47%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio is currently 24.79%.

Insider Buying and Selling

In other Freeport-McMoRan 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 transaction of $343,531.68. Following the completion of the sale, the chief accounting officer now directly owns 48,333 shares in the company, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.75% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on FCX shares. Dbs Bank upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Royal Bank of Canada upped their target price on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Hsbc Global Res upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Raymond James restated an "outperform" rating and set a $52.00 target price on shares of Freeport-McMoRan in a research note on Friday, April 25th. Finally, Wall Street Zen cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Tuesday, April 8th. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus 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.