Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Prosperity Consulting Group LLC

Prosperity Consulting Group LLC lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 26.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,151 shares of the natural resource company’s stock after purchasing an additional 1,903 shares during the quarter. Prosperity Consulting Group LLC’s holdings in Freeport-McMoRan were worth $430,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Avior Wealth Management LLC boosted its holdings in shares of Freeport-McMoRan by 3,084.6% in the first quarter. Avior Wealth Management LLC now owns 53,502 shares of the natural resource company’s stock valued at $2,516,000 after acquiring an additional 51,822 shares in the last quarter. Worth Financial Advisory Group LLC increased its position in shares of Freeport-McMoRan by 31.1% during the 1st quarter. Worth Financial Advisory Group LLC now owns 22,872 shares of the natural resource company’s stock valued at $1,075,000 after purchasing an additional 5,426 shares during the period. Diversify Advisory Services LLC bought a new stake in shares of Freeport-McMoRan in the 1st quarter worth $1,416,000. Private Advisor Group LLC lifted its holdings in shares of Freeport-McMoRan by 16.8% in the first quarter. Private Advisor Group LLC now owns 73,668 shares of the natural resource company’s stock valued at $3,464,000 after buying an additional 10,612 shares during the period. Finally, Lodestone Wealth Management LLC boosted its stake in Freeport-McMoRan by 9.0% during the first quarter. Lodestone Wealth Management LLC now owns 5,543 shares of the natural resource company’s stock valued at $261,000 after buying an additional 456 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FCX. StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Thursday, April 25th. 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 report on Thursday, May 30th. Deutsche Bank Aktiengesellschaft increased their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. Bernstein Bank boosted their target price on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research report on Tuesday, April 23rd. Finally, UBS Group upped their price objective on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a research note on Tuesday, May 14th. Five investment 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 data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.93.

Freeport-McMoRan Stock Performance

Shares of FCX stock traded up $0.87 during trading on Friday, reaching $51.52. The company had a trading volume of 8,300,639 shares, compared to its average volume of 9,815,288. The company has a market capitalization of $74.01 billion, a PE ratio of 45.60, a PEG ratio of 2.05 and a beta of 1.92. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. The firm’s 50 day simple moving average is $50.67 and its two-hundred day simple moving average is $45.41. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24.

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 analysts’ consensus estimates of $0.27 by $0.05. The business had revenue of $6.32 billion during 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%. Freeport-McMoRan’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.52 earnings per share. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.74 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Monday, July 15th will be given a dividend of $0.15 per share. The ex-dividend date is Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.16%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Insider Activity at Freeport-McMoRan

In other news, VP Douglas N. Currault II sold 55,000 shares of the company’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 directly owns 164,067 shares in the company, valued at $8,529,843.33. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, VP Douglas N. Currault II sold 55,000 shares of the company’s stock in a transaction dated Monday, April 29th. The shares were 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 $8,529,843.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Stephen T. Higgins sold 43,900 shares of the business’s stock in a transaction dated 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 transaction, the chief accounting officer now owns 104,377 shares in the company, valued at $5,331,577.16. The disclosure for this sale can be found here. Insiders sold a total of 445,667 shares of company stock worth $22,755,070 in the last 90 days. 0.79% of the stock is owned by company insiders.

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.