Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Wealthfront Advisers LLC

Wealthfront Advisers LLC raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 17.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 166,438 shares of the natural resource company's stock after buying an additional 24,399 shares during the quarter. Wealthfront Advisers LLC's holdings in Freeport-McMoRan were worth $6,301,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Freeport-McMoRan by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company's stock valued at $4,692,191,000 after buying an additional 642,776 shares during the period. Wellington Management Group LLP boosted its position in Freeport-McMoRan by 237.4% in the 4th quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock worth $351,041,000 after purchasing an additional 6,486,011 shares in the last quarter. Stratos Investment Management LLC raised its position in shares of Freeport-McMoRan by 238.5% in the first quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company's stock worth $2,443,000 after acquiring an additional 45,458 shares during the period. Community Bank N.A. increased its stake in shares of Freeport-McMoRan by 18.5% in the 1st quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company's stock valued at $1,498,000 after purchasing an additional 6,188 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in Freeport-McMoRan in the 4th quarter worth about $2,768,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Citigroup boosted their target price on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Raymond James Financial reissued an "outperform" rating and set a $52.00 target price on shares of Freeport-McMoRan in a report on Friday, April 25th. Hsbc Global Res raised Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Bank of America reiterated a "neutral" rating and set a $56.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. Finally, Stifel Canada raised Freeport-McMoRan to a "strong-buy" rating in a research note on Tuesday, July 8th. Eight 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 stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $50.71.

Freeport-McMoRan Trading Up 0.8%

Shares of FCX stock traded up $0.34 during trading hours on Friday, hitting $44.80. The company had a trading volume of 13,552,529 shares, compared to its average volume of 13,838,264. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.32 and a quick ratio of 1.13. The stock has a market capitalization of $64.38 billion, a PE ratio of 37.02, a price-to-earnings-growth ratio of 0.83 and a beta of 1.64. The company's fifty day moving average is $41.81 and its 200 day moving average is $38.75. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its 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 company had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. Freeport-McMoRan's revenue was down 9.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.32 EPS. Research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.34%. Freeport-McMoRan's dividend payout ratio is presently 24.79%.

Insider Buying and Selling at Freeport-McMoRan

In other 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 value of $343,531.68. Following the sale, the chief accounting officer directly owned 48,333 shares in the company, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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.