Lake Street Private Wealth LLC Purchases 486 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Lake Street Private Wealth LLC lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 0.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 59,955 shares of the natural resource company’s stock after purchasing an additional 486 shares during the period. Lake Street Private Wealth LLC’s holdings in Freeport-McMoRan were worth $2,270,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Wellington Management Group LLP raised its holdings in Freeport-McMoRan by 237.4% in the fourth quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company’s stock worth $351,041,000 after buying an additional 6,486,011 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Freeport-McMoRan by 21.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company’s stock valued at $1,214,203,000 after purchasing an additional 5,735,171 shares in the last quarter. Amundi lifted its holdings in Freeport-McMoRan by 30.2% during the fourth quarter. Amundi now owns 21,580,960 shares of the natural resource company’s stock valued at $857,305,000 after purchasing an additional 5,001,531 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Freeport-McMoRan by 38.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company’s stock worth $619,682,000 after acquiring an additional 4,488,210 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in shares of Freeport-McMoRan by 8.0% during the fourth quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company’s stock worth $1,123,445,000 after acquiring an additional 2,191,926 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the company’s stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the sale, the chief accounting officer now owns 48,333 shares of the company’s stock, valued at approximately $1,934,286.66. This represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.75% of the stock is currently owned by insiders.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $40.94 on Thursday. The firm has a market cap of $58.83 billion, a price-to-earnings ratio of 31.74, a price-to-earnings-growth ratio of 0.87 and a beta of 1.64. The company has a 50 day moving average price of $36.30 and a 200-day moving average price of $38.39. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $52.61.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. The company had revenue of $5.73 billion during the quarter, compared to analyst estimates of $5.36 billion. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The firm’s revenue was down 9.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.32 EPS. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were paid a dividend of $0.15 per share. The ex-dividend date was Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.47%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 24.79%.

Analyst Ratings Changes

Several research firms have commented on FCX. Scotiabank increased their price objective on shares of Freeport-McMoRan from $40.00 to $43.00 and gave the company a “sector perform” rating in a research report on Wednesday, May 14th. JPMorgan Chase & Co. lowered their price target on shares of Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Hsbc Global Res upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, April 14th. Wolfe Research upgraded shares of Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 target price for the company in a research note on Wednesday, April 16th. Finally, Jefferies Financial Group restated a “buy” rating and set a $50.00 price objective (up from $48.00) on shares of Freeport-McMoRan in a research note on Friday, April 25th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.82.

Freeport-McMoRan 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.