Portside Wealth Group LLC Grows Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

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

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Park Avenue Securities LLC raised its holdings in Freeport-McMoRan by 5.2% in the first quarter. Park Avenue Securities LLC now owns 27,055 shares of the natural resource company's stock worth $1,024,000 after purchasing an additional 1,341 shares in the last quarter. OLD National Bancorp IN grew its position in shares of Freeport-McMoRan by 20.1% in the 1st quarter. OLD National Bancorp IN now owns 11,905 shares of the natural resource company's stock worth $451,000 after buying an additional 1,992 shares during the period. Lake Hills Wealth Management LLC bought a new position in shares of Freeport-McMoRan in the 1st quarter worth about $436,000. Gateway Investment Advisers LLC lifted its position in Freeport-McMoRan by 1,674.6% during the 1st quarter. Gateway Investment Advisers LLC now owns 250,752 shares of the natural resource company's stock valued at $9,493,000 after acquiring an additional 236,622 shares during the period. Finally, Impact Capital Partners LLC purchased a new position in Freeport-McMoRan during the 1st quarter valued at about $224,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Insider Activity

In other news, CAO Ellie L. Mikes sold 8,584 shares of the company's stock in a transaction on 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 directly owns 48,333 shares in the company, valued at $1,934,286.66. This represents a 15.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.75% of the company's stock.

Freeport-McMoRan Stock Performance

Shares of FCX traded down $0.15 during mid-day trading on Tuesday, hitting $42.19. 9,402,534 shares of the company traded hands, compared to its average volume of 13,376,538. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year 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 50-day moving average price of $36.53 and a two-hundred day moving average price of $38.28. The stock has a market cap of $60.63 billion, a price-to-earnings ratio of 32.71, a P/E/G ratio of 0.87 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The firm 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 firm earned $0.32 EPS. The company's revenue was down 9.4% compared to the same quarter last year. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.42%. Freeport-McMoRan's dividend payout ratio is currently 24.79%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Wolfe Research upgraded shares of Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 target price for the company in a report on Wednesday, April 16th. Jefferies Financial Group reissued a "buy" rating and issued a $50.00 target price (up from $48.00) on shares of Freeport-McMoRan in a report on Friday, April 25th. Scotiabank increased their target price on Freeport-McMoRan from $40.00 to $43.00 and gave the stock a "sector perform" rating in a research note on Wednesday, May 14th. Raymond James reaffirmed an "outperform" rating and issued a $52.00 price target on shares of Freeport-McMoRan in a research report on Friday, April 25th. Finally, 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 report on Thursday, March 6th. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock 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.