MV Capital Management Inc. Has $37,000 Stake in Freeport-McMoRan Inc. (NYSE:FCX)

MV Capital Management Inc. raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 38.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 794 shares of the natural resource company’s stock after purchasing an additional 221 shares during the quarter. MV Capital Management Inc.’s holdings in Freeport-McMoRan were worth $37,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Belpointe Asset Management LLC lifted its stake in Freeport-McMoRan by 38.6% in the 4th quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock worth $719,000 after acquiring an additional 4,703 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of Freeport-McMoRan by 1.8% in the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after purchasing an additional 976,592 shares in the last quarter. Oaktree Capital Management LP boosted its holdings in shares of Freeport-McMoRan by 7.8% during the fourth quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock worth $124,216,000 after purchasing an additional 211,608 shares during the period. Signature Estate & Investment Advisors LLC grew its position in Freeport-McMoRan by 6.4% during the fourth quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock valued at $14,726,000 after purchasing an additional 20,894 shares in the last quarter. Finally, Cadinha & Co. LLC increased its stake in Freeport-McMoRan by 59.0% in the 4th quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock valued at $27,572,000 after buying an additional 240,340 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $48.72 on Wednesday. The stock has a fifty day moving average price of $50.58 and a two-hundred day moving average price of $45.26. 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 Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. The firm has a market capitalization of $69.99 billion, a P/E ratio of 43.12, a P/E/G ratio of 1.99 and a beta of 1.92.

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

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be given a $0.15 dividend. The ex-dividend date is Monday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.23%. Freeport-McMoRan’s payout ratio is 26.55%.

Analysts Set New Price Targets

Several research firms have recently commented on FCX. Argus boosted their price target on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Bank of America raised 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 note on Tuesday, April 9th. Scotiabank upped their price objective on shares of Freeport-McMoRan from $53.00 to $60.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 30th. UBS Group raised their target price on Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a report on Tuesday, May 14th. Finally, Bernstein Bank upped their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research note on Tuesday, April 23rd. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.93.

Insider Buying and Selling at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 43,900 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $51.08, for a total value of $2,242,412.00. Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,331,577.16. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CAO Stephen T. Higgins sold 43,900 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $51.08, for a total value of $2,242,412.00. Following the completion of the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,331,577.16. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Douglas N. Currault II sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the completion of the transaction, the vice president now owns 164,067 shares of the company’s stock, valued at approximately $8,529,843.33. The disclosure for this sale can be found here. In the last quarter, insiders sold 445,667 shares of company stock worth $22,755,070. 0.79% of the stock is currently owned by 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.