Westside Investment Management Inc. Purchases 6,386 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Westside Investment Management Inc. raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 79.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,473 shares of the natural resource company's stock after buying an additional 6,386 shares during the period. Westside Investment Management Inc.'s holdings in Freeport-McMoRan were worth $550,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Wellington Management Group LLP boosted its holdings in shares of Freeport-McMoRan by 237.4% during the fourth 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 during the period. Price T Rowe Associates Inc. MD lifted its holdings in Freeport-McMoRan by 21.9% in the 4th 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 buying an additional 5,735,171 shares during the period. Amundi grew its position in shares of Freeport-McMoRan by 30.2% in the 4th quarter. Amundi now owns 21,580,960 shares of the natural resource company's stock worth $857,305,000 after buying an additional 5,001,531 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Freeport-McMoRan by 38.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company's stock worth $619,682,000 after buying an additional 4,488,210 shares during the last quarter. Finally, Franklin Resources Inc. increased its stake in shares of Freeport-McMoRan by 8.0% during the fourth quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock valued at $1,123,445,000 after buying an additional 2,191,926 shares during the period. Institutional investors own 80.77% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Royal Bank Of Canada raised their price target on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Raymond James Financial reaffirmed an "outperform" rating and issued a $52.00 target price on shares of Freeport-McMoRan in a research report on Friday, April 25th. Scotiabank upgraded shares of Freeport-McMoRan from a "sector perform" rating to a "sector outperform" rating and boosted their price target for the company from $43.00 to $48.00 in a research report on Monday, June 16th. Wolfe Research raised shares of Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price target for the company in a research note on Wednesday, April 16th. Finally, Wall Street Zen cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Tuesday, April 8th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $48.27.

Insider Transactions at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction dated 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 directly owns 48,333 shares of the company's stock, valued at approximately $1,934,286.66. This represents a 15.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.79% of the stock is owned by insiders.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $43.83 on Monday. The company has a 50 day simple moving average of $39.22 and a two-hundred day simple moving average of $38.12. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The company has a market capitalization of $62.99 billion, a price-to-earnings ratio of 36.23, a P/E/G ratio of 0.85 and a beta of 1.65. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.13 and a current ratio of 2.32.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly 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. The company had revenue of $5.73 billion for 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%. The firm's quarterly revenue was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.32 EPS. Analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.37%. Freeport-McMoRan's payout ratio is presently 24.79%.

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.

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