Comprehensive Money Management Services LLC Grows Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Comprehensive Money Management Services LLC raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 24.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,041 shares of the natural resource company’s stock after acquiring an additional 1,950 shares during the quarter. Comprehensive Money Management Services LLC’s holdings in Freeport-McMoRan were worth $380,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Wolff Wiese Magana LLC boosted its stake in Freeport-McMoRan by 38.2% in the first quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company’s stock valued at $44,000 after acquiring an additional 319 shares during the last quarter. LVZ Inc. raised its position in shares of Freeport-McMoRan by 9.4% in the first quarter. LVZ Inc. now owns 8,374 shares of the natural resource company’s stock valued at $317,000 after purchasing an additional 720 shares during the period. Kentucky Retirement Systems Insurance Trust Fund raised its position in shares of Freeport-McMoRan by 13.2% in the first quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 41,626 shares of the natural resource company’s stock valued at $1,576,000 after purchasing an additional 4,862 shares during the period. Manning & Napier Advisors LLC bought a new stake in shares of Freeport-McMoRan in the first quarter valued at approximately $2,466,000. Finally, MinichMacGregor Wealth Management LLC raised its position in shares of Freeport-McMoRan by 9.0% in the first quarter. MinichMacGregor Wealth Management LLC now owns 10,919 shares of the natural resource company’s stock valued at $413,000 after purchasing an additional 902 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 2.4%

Shares of FCX opened at $40.18 on Friday. The stock has a market capitalization of $57.74 billion, a P/E ratio of 33.20, a PEG ratio of 0.80 and a beta of 1.64. The company has a quick ratio of 1.13, a current ratio of 2.32 and a debt-to-equity ratio of 0.30. The firm has a fifty day simple moving average of $38.28 and a two-hundred day simple moving average of $38.16. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $52.61.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. The business had revenue of $5.73 billion during the quarter, compared to analyst estimates of $5.36 billion. During the same period in the prior year, the business earned $0.32 EPS. The company’s revenue for the quarter was down 9.4% on a year-over-year basis. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

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 $0.15 dividend. The ex-dividend date was Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.49%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 24.79%.

Analysts Set New Price Targets

Several analysts have recently 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. Wolfe Research raised shares of Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 price target on the stock in a research report on Wednesday, April 16th. Raymond James Financial reissued an “outperform” rating and issued a $52.00 price target on shares of Freeport-McMoRan in a research report on Friday, April 25th. JPMorgan Chase & Co. lowered their price target on shares of Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $50.00 price target (up previously from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average target price of $48.27.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the firm’s 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 completion of the sale, the chief accounting officer now directly owns 48,333 shares in the company, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.75% of the stock is currently owned by corporate insiders.

Freeport-McMoRan 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.