Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Mirador Capital Partners LP

Mirador Capital Partners LP raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 2.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 66,828 shares of the natural resource company’s stock after buying an additional 1,890 shares during the period. Mirador Capital Partners LP’s holdings in Freeport-McMoRan were worth $3,142,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Tompkins Financial Corp boosted its holdings in Freeport-McMoRan by 33.8% in the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 200 shares during the period. Mather Group LLC. raised its holdings in Freeport-McMoRan by 1.3% in the first quarter. Mather Group LLC. now owns 17,417 shares of the natural resource company’s stock valued at $819,000 after acquiring an additional 222 shares in the last quarter. Foster Group Inc. lifted its stake in Freeport-McMoRan by 0.8% in the first quarter. Foster Group Inc. now owns 32,050 shares of the natural resource company’s stock worth $1,507,000 after acquiring an additional 247 shares during the last quarter. Fulton Bank N.A. grew its holdings in Freeport-McMoRan by 2.6% during the 4th quarter. Fulton Bank N.A. now owns 10,606 shares of the natural resource company’s stock worth $451,000 after acquiring an additional 267 shares in the last quarter. Finally, Drive Wealth Management LLC increased its position in shares of Freeport-McMoRan by 2.8% in the 4th quarter. Drive Wealth Management LLC now owns 9,840 shares of the natural resource company’s stock valued at $419,000 after purchasing an additional 267 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX stock traded up $0.69 during mid-day trading on Monday, hitting $49.29. The stock had a trading volume of 585,930 shares, compared to its average volume of 13,997,632. The firm has a market cap of $70.80 billion, a PE ratio of 43.01, a PEG ratio of 1.99 and a beta of 1.92. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The company’s 50-day simple moving average is $50.58 and its 200-day simple moving average is $45.17. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The business had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same period in the prior year, the business posted $0.52 EPS. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.74 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Monday, July 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.22%. The ex-dividend date is Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Insider Buying and Selling

In related news, CEO Richard C. Adkerson sold 169,229 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $50.56, for a total value of $8,556,218.24. Following the completion of the transaction, the chief executive officer now directly owns 3,707,249 shares of the company’s stock, valued at approximately $187,438,509.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Freeport-McMoRan news, CEO Richard C. Adkerson sold 169,229 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $50.56, for a total transaction of $8,556,218.24. Following the completion of the transaction, the chief executive officer now directly owns 3,707,249 shares in the company, valued at approximately $187,438,509.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Stephen T. Higgins sold 80,000 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the completion of the sale, the chief accounting officer now owns 104,377 shares in the company, valued at $5,430,735.31. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 445,667 shares of company stock valued at $22,755,070. Corporate insiders own 0.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FCX. HSBC boosted their target price on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research note on Tuesday, April 23rd. Deutsche Bank Aktiengesellschaft boosted their target price on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a research report on Tuesday, April 9th. Finally, Scotiabank lifted their price target on shares of Freeport-McMoRan from $53.00 to $60.00 and gave the stock a “sector outperform” rating in a research note on Thursday, May 30th. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $52.93.

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.