Cambridge Investment Research Advisors Inc. Has $7.19 Million Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Cambridge Investment Research Advisors Inc. raised its stake in shares of Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 3.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 189,765 shares of the natural resource company’s stock after purchasing an additional 5,557 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Freeport-McMoRan were worth $7,185,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FCX. Crumly & Associates Inc. increased its stake in shares of Freeport-McMoRan by 5.7% in the first quarter. Crumly & Associates Inc. now owns 13,809 shares of the natural resource company’s stock valued at $523,000 after buying an additional 746 shares during the period. Comprehensive Money Management Services LLC increased its position in Freeport-McMoRan by 24.1% during the 1st quarter. Comprehensive Money Management Services LLC now owns 10,041 shares of the natural resource company’s stock valued at $380,000 after purchasing an additional 1,950 shares during the period. Wolff Wiese Magana LLC increased its position in Freeport-McMoRan by 38.2% during the 1st quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company’s stock valued at $44,000 after purchasing an additional 319 shares during the period. LVZ Inc. raised its holdings in Freeport-McMoRan by 9.4% during the 1st quarter. LVZ Inc. now owns 8,374 shares of the natural resource company’s stock worth $317,000 after purchasing an additional 720 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund lifted its position in shares of Freeport-McMoRan by 13.2% in the 1st quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 41,626 shares of the natural resource company’s stock worth $1,576,000 after purchasing an additional 4,862 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on FCX shares. UBS Group decreased their price objective on shares of Freeport-McMoRan from $52.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Scotiabank raised shares of Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and upped their price target for the company from $43.00 to $48.00 in a research report on Monday, June 16th. Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Tuesday, April 8th. JPMorgan Chase & Co. dropped their price objective on Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $50.00 target price (up previously from $48.00) on shares of Freeport-McMoRan in a research note on Friday, April 25th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.27.

Get Our Latest Stock Report on Freeport-McMoRan

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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.75% of the company’s stock.

Freeport-McMoRan Stock Up 7.0%

FCX stock opened at $44.51 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.13 and a current ratio of 2.32. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The stock’s 50 day simple moving average is $39.00 and its 200 day simple moving average is $38.17. The company has a market cap of $63.97 billion, a P/E ratio of 36.79, a price-to-earnings-growth ratio of 0.81 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCXGet Free Report) last issued 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. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. The company had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.36 billion. During the same period in the prior year, the firm earned $0.32 earnings per share. Freeport-McMoRan’s revenue for the quarter was down 9.4% on a year-over-year basis. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.35%. Freeport-McMoRan’s dividend payout ratio (DPR) is 24.79%.

Freeport-McMoRan Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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