Proficio Capital Partners LLC Has $1.89 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Proficio Capital Partners LLC lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 0.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,083 shares of the natural resource company’s stock after buying an additional 207 shares during the period. Proficio Capital Partners LLC’s holdings in Freeport-McMoRan were worth $1,885,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of FCX. Central Pacific Bank Trust Division acquired a new stake in Freeport-McMoRan in the 1st quarter valued at $716,000. Blume Capital Management Inc. lifted its holdings in shares of Freeport-McMoRan by 1.5% during the first quarter. Blume Capital Management Inc. now owns 157,734 shares of the natural resource company’s stock valued at $7,417,000 after acquiring an additional 2,285 shares during the period. Mutual of America Capital Management LLC boosted its stake in shares of Freeport-McMoRan by 0.4% in the 1st quarter. Mutual of America Capital Management LLC now owns 257,097 shares of the natural resource company’s stock valued at $12,089,000 after purchasing an additional 1,020 shares in the last quarter. Magnolia Capital Advisors LLC bought a new stake in shares of Freeport-McMoRan in the 1st quarter worth about $303,000. Finally, Nordea Investment Management AB grew its holdings in shares of Freeport-McMoRan by 0.7% in the 1st quarter. Nordea Investment Management AB now owns 1,926,372 shares of the natural resource company’s stock worth $90,270,000 after purchasing an additional 13,840 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 80,000 shares of the business’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the completion of the transaction, the chief accounting officer now directly owns 104,377 shares in the company, valued at approximately $5,430,735.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related 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 transaction of $2,242,412.00. Following the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at approximately $5,331,577.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Stephen T. Higgins sold 80,000 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $52.03, for a total value of $4,162,400.00. Following the completion of the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at $5,430,735.31. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 445,667 shares of company stock valued at $22,755,070. 0.79% of the stock is currently owned by company insiders.

Freeport-McMoRan Trading Down 0.6 %

Freeport-McMoRan stock traded down $0.33 during trading hours on Tuesday, reaching $50.80. 9,341,255 shares of the company’s stock traded hands, compared to its average volume of 13,846,154. The firm has a market capitalization of $72.97 billion, a price-to-earnings ratio of 44.96, a PEG ratio of 2.09 and a beta of 1.92. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The firm’s 50 day moving average is $50.66 and its 200-day moving average is $45.58.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results 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 the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.52 earnings per share. On average, analysts predict that Freeport-McMoRan Inc. will post 1.72 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

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 issued a $0.15 dividend. The ex-dividend date is Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.18%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Wall Street Analyst Weigh In

A number of research firms have commented on FCX. HSBC boosted their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research report on Tuesday, April 23rd. Bernstein Bank boosted their target price on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday, April 23rd. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. JPMorgan Chase & Co. cut their price objective on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research report on Wednesday, April 24th. Finally, Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a report on Tuesday, April 9th. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average 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.