Procyon Advisors LLC Buys 8,131 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Procyon Advisors LLC raised its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 21.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,821 shares of the natural resource company's stock after purchasing an additional 8,131 shares during the period. Procyon Advisors LLC's holdings in Freeport-McMoRan were worth $1,735,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in FCX. Asset Planning Inc purchased a new position in shares of Freeport-McMoRan in the 4th quarter worth approximately $25,000. Mizuho Bank Ltd. purchased a new position in Freeport-McMoRan in the fourth quarter worth $26,000. Vision Financial Markets LLC purchased a new position in Freeport-McMoRan in the fourth quarter worth $27,000. Roxbury Financial LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth $28,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Freeport-McMoRan during the 4th quarter valued at $29,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Trading Down 0.5%

Shares of Freeport-McMoRan stock opened at $41.50 on Friday. The stock has a market cap of $59.64 billion, a PE ratio of 32.17, a price-to-earnings-growth ratio of 0.87 and a beta of 1.64. The firm has a fifty day moving average price of $36.45 and a 200 day moving average price of $38.36. 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 current ratio of 2.42 and a quick ratio of 1.18.

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

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date of this dividend was Tuesday, April 15th. Freeport-McMoRan's payout ratio is presently 24.79%.

Insider Buying and Selling at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the firm's stock in a transaction 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 now owns 48,333 shares in the company, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.75% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Wolfe Research upgraded Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 target price on the stock in a research note on Wednesday, April 16th. Royal Bank of Canada upped their price objective on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a report on Wednesday. Dbs Bank raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Raymond James reiterated an "outperform" rating and issued a $52.00 target price on shares of Freeport-McMoRan in a research note on Friday, April 25th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price target on the stock in a research note on Thursday, March 6th. Five 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 company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target 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.

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