Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 0.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,678,407 shares of the natural resource company's stock after purchasing an additional 10,163 shares during the period. Principal Financial Group Inc. owned approximately 0.12% of Freeport-McMoRan worth $63,544,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of FCX. Mizuho Bank Ltd. purchased a new position in Freeport-McMoRan during the fourth quarter worth about $26,000. Coppell Advisory Solutions LLC raised its stake in Freeport-McMoRan by 47.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock worth $32,000 after purchasing an additional 268 shares during the period. City Holding Co. purchased a new position in Freeport-McMoRan during the first quarter worth about $33,000. Bernard Wealth Management Corp. purchased a new position in Freeport-McMoRan during the fourth quarter worth about $35,000. Finally, Murphy & Mullick Capital Management Corp purchased a new position in Freeport-McMoRan during the fourth quarter worth about $40,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 0.2%

FCX traded up $0.09 during trading hours on Friday, hitting $45.86. 7,607,321 shares of the company's stock were exchanged, compared to its average volume of 13,479,098. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The firm has a 50 day moving average of $40.18 and a 200 day moving average of $38.29. The firm has a market cap of $65.90 billion, a P/E ratio of 37.90, a price-to-earnings-growth ratio of 0.87 and a beta of 1.64. The company has a current ratio of 2.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.30.

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 for the quarter, topping the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. The firm had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. During the same period in the prior year, the firm earned $0.32 EPS. The firm's revenue for the quarter was down 9.4% on a year-over-year basis. Analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.31%. Freeport-McMoRan's payout ratio is currently 24.79%.

Insiders Place Their Bets

In related news, CAO Ellie L. Mikes sold 8,584 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the sale, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at $1,934,286.66. This represents a 15.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.75% of the stock is currently owned by insiders.

Analyst Ratings Changes

FCX has been the topic of a number of analyst reports. Raymond James Financial reaffirmed an "outperform" rating and set a $52.00 target price on shares of Freeport-McMoRan in a research note on Friday, April 25th. JPMorgan Chase & Co. reduced their price target on shares of Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Wall Street Zen downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Tuesday, April 8th. Hsbc Global Res raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Finally, Royal Bank Of Canada boosted their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $48.27.

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.