Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Stableford Capital II LLC

Stableford Capital II LLC grew its position in Freeport-McMoRan Inc. (NYSE:FCX) by 24.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 29,139 shares of the natural resource company’s stock after purchasing an additional 5,788 shares during the period. Stableford Capital II LLC’s holdings in Freeport-McMoRan were worth $1,103,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Coppell Advisory Solutions LLC increased its holdings in shares of Freeport-McMoRan by 47.4% in the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company’s stock valued at $32,000 after purchasing an additional 268 shares during the period. Palogic Value Management L.P. increased its holdings in shares of Freeport-McMoRan by 1.5% in the fourth quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company’s stock valued at $772,000 after purchasing an additional 292 shares during the period. CIBC Private Wealth Group LLC increased its holdings in shares of Freeport-McMoRan by 0.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 36,514 shares of the natural resource company’s stock valued at $1,451,000 after purchasing an additional 309 shares during the period. Inspire Advisors LLC increased its holdings in shares of Freeport-McMoRan by 2.6% in the fourth quarter. Inspire Advisors LLC now owns 12,965 shares of the natural resource company’s stock valued at $494,000 after purchasing an additional 325 shares during the period. Finally, Kingswood Wealth Advisors LLC increased its holdings in shares of Freeport-McMoRan by 1.0% in the first quarter. Kingswood Wealth Advisors LLC now owns 33,307 shares of the natural resource company’s stock valued at $1,261,000 after purchasing an additional 327 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FCX has been the topic of several analyst reports. JPMorgan Chase & Co. dropped their target price on Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a report on Thursday, March 6th. 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. Royal Bank Of Canada raised their target price on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a “sector perform” rating in a report on Wednesday, June 4th. Finally, Dbs Bank raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average price target of $48.27.

Insider Activity

In other news, CAO Ellie L. Mikes sold 8,584 shares of the firm’s 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 transaction, the chief accounting officer now owns 48,333 shares in the company, valued at $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.75% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $41.17 on Friday. The company has a market capitalization of $59.16 billion, a P/E ratio of 34.02, a P/E/G ratio of 0.82 and a beta of 1.64. The business’s 50 day moving average is $38.15 and its two-hundred day moving average is $38.21. The company has a current ratio of 2.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. Freeport-McMoRan’s revenue for the quarter was down 9.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.32 earnings per share. Analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were given a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.46%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 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.