Riverbend Wealth Management LLC Buys Shares of 7,370 Freeport-McMoRan Inc. (NYSE:FCX)

Riverbend Wealth Management LLC purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 7,370 shares of the natural resource company's stock, valued at approximately $279,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. E&G Advisors LP raised its position in Freeport-McMoRan by 23.9% during the 1st quarter. E&G Advisors LP now owns 6,734 shares of the natural resource company's stock valued at $255,000 after purchasing an additional 1,300 shares during the last quarter. S.A. Mason LLC increased its stake in shares of Freeport-McMoRan by 23.1% during the first quarter. S.A. Mason LLC now owns 7,340 shares of the natural resource company's stock valued at $278,000 after buying an additional 1,377 shares during the period. Moran Wealth Management LLC raised its holdings in shares of Freeport-McMoRan by 9.3% during the first quarter. Moran Wealth Management LLC now owns 35,543 shares of the natural resource company's stock valued at $1,346,000 after acquiring an additional 3,030 shares in the last quarter. International Assets Investment Management LLC raised its holdings in shares of Freeport-McMoRan by 8.1% during the first quarter. International Assets Investment Management LLC now owns 31,156 shares of the natural resource company's stock valued at $1,180,000 after acquiring an additional 2,334 shares in the last quarter. Finally, Keudell Morrison Wealth Management lifted its stake in Freeport-McMoRan by 27.4% in the first quarter. Keudell Morrison Wealth Management now owns 9,008 shares of the natural resource company's stock worth $341,000 after acquiring an additional 1,935 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Dbs Bank raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. 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 report on Thursday, March 6th. UBS Group decreased their price target on shares of Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Raymond James Financial reaffirmed an "outperform" rating and set a $52.00 price objective on shares of Freeport-McMoRan in a research report on Friday, April 25th. Finally, Hsbc Global Res upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Freeport-McMoRan presently has an average rating of "Moderate Buy" and a consensus price target of $48.27.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock traded up $2.90 during trading on Thursday, hitting $44.51. 20,458,058 shares of the company's stock traded hands, compared to its average volume of 13,384,595. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61. The business has a 50-day simple moving average of $38.77 and a 200-day simple moving average of $38.17. The stock has a market capitalization of $63.97 billion, a P/E ratio of 36.79, a PEG ratio of 0.82 and a beta of 1.64. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.32 and a quick ratio of 1.13.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 quarter last year, the firm posted $0.32 EPS. The business's quarterly revenue was down 9.4% compared to the same quarter last year. As a group, analysts forecast 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 will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.35%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 24.79%.

Insider Buying and Selling at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan 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 owns 48,333 shares of the company's stock, valued at $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.75% of the company's stock.

Freeport-McMoRan Company 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.