Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Park Avenue Securities LLC

Park Avenue Securities LLC raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 5.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,055 shares of the natural resource company’s stock after buying an additional 1,341 shares during the quarter. Park Avenue Securities LLC’s holdings in Freeport-McMoRan were worth $1,024,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of FCX. Wellington Management Group LLP lifted its position in Freeport-McMoRan by 237.4% in the fourth quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company’s stock valued at $351,041,000 after buying an additional 6,486,011 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Freeport-McMoRan by 21.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company’s stock valued at $1,214,203,000 after buying an additional 5,735,171 shares during the last quarter. Amundi lifted its position in Freeport-McMoRan by 30.2% in the fourth quarter. Amundi now owns 21,580,960 shares of the natural resource company’s stock valued at $857,305,000 after buying an additional 5,001,531 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Freeport-McMoRan by 38.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company’s stock valued at $619,682,000 after buying an additional 4,488,210 shares during the last quarter. Finally, Franklin Resources Inc. lifted its position in Freeport-McMoRan by 8.0% in 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 last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 0.4%

FCX stock opened at $41.19 on Friday. The company’s 50 day moving average price is $37.16 and its 200 day moving average price is $38.30. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The firm has a market capitalization of $59.19 billion, a price-to-earnings ratio of 31.93, a PEG ratio of 0.87 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. The firm had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.36 billion. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The business’s quarterly revenue was down 9.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.32 earnings per share. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date of this dividend was Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 24.79%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a research report on Thursday, March 6th. Dbs Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Raymond James reiterated an “outperform” rating and set a $52.00 price target on shares of Freeport-McMoRan in a research note on Friday, April 25th. Hsbc Global Res upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 14th. Finally, Scotiabank boosted their price target on shares of Freeport-McMoRan from $40.00 to $43.00 and gave the stock a “sector perform” rating in a research note on Wednesday, May 14th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $47.82.

Insider Activity at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the company’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 completion of the transaction, the chief accounting officer now directly owns 48,333 shares of the company’s stock, valued at $1,934,286.66. This represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.75% of the stock is currently owned by corporate insiders.

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.