Simplicity Wealth LLC Acquires Shares of 11,828 Freeport-McMoRan Inc. (NYSE:FCX)

Simplicity Wealth LLC acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The fund acquired 11,828 shares of the natural resource company's stock, valued at approximately $448,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Freeport-McMoRan by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company's stock worth $4,692,191,000 after buying an additional 642,776 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Freeport-McMoRan by 21.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock worth $1,214,203,000 after acquiring an additional 5,735,171 shares in the last quarter. Geode Capital Management LLC lifted its stake in Freeport-McMoRan by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 29,579,298 shares of the natural resource company's stock worth $1,122,922,000 after purchasing an additional 688,240 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Freeport-McMoRan by 8.0% in the 4th quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock valued at $1,123,445,000 after acquiring an additional 2,191,926 shares during the last quarter. Finally, Capital World Investors boosted its stake in shares of Freeport-McMoRan by 3.2% during the fourth quarter. Capital World Investors now owns 24,055,524 shares of the natural resource company's stock valued at $916,037,000 after purchasing an additional 750,500 shares during the period. Institutional investors own 80.77% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on FCX shares. Jefferies Financial Group reiterated a "buy" rating and set a $50.00 target price (up from $48.00) on shares of Freeport-McMoRan in a report on Friday, April 25th. Hsbc Global Res raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. UBS Group dropped their target price on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Dbs Bank upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Finally, JPMorgan Chase & Co. reduced their price objective on Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $47.82.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction that occurred 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 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.75% of the stock is currently owned by corporate insiders.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX traded down $0.32 during midday trading on Friday, hitting $40.86. The company had a trading volume of 9,721,377 shares, compared to its average volume of 13,377,354. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The company has a fifty day moving average of $37.16 and a two-hundred day moving average of $38.30. The company has a market cap of $58.72 billion, a price-to-earnings 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 current ratio of 2.42 and a quick ratio of 1.18.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued 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. The business had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The company's revenue for the quarter was down 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.32 earnings per share. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

About Freeport-McMoRan

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.