Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Procyon Advisors LLC

Procyon Advisors LLC grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 21.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 45,821 shares of the natural resource company’s stock after buying an additional 8,131 shares during the quarter. Procyon Advisors LLC’s holdings in Freeport-McMoRan were worth $1,735,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Brighton Jones LLC lifted its holdings in Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after purchasing an additional 2,882 shares in the last quarter. Stratos Wealth Partners LTD. raised its position in shares of Freeport-McMoRan by 5.2% during the 4th quarter. Stratos Wealth Partners LTD. now owns 40,195 shares of the natural resource company’s stock worth $1,531,000 after purchasing an additional 2,001 shares during the last quarter. Bleakley Financial Group LLC raised its position in shares of Freeport-McMoRan by 17.1% during the 4th quarter. Bleakley Financial Group LLC now owns 78,350 shares of the natural resource company’s stock worth $2,984,000 after purchasing an additional 11,441 shares during the last quarter. Hedeker Wealth LLC lifted its stake in Freeport-McMoRan by 1.0% in the 4th quarter. Hedeker Wealth LLC now owns 67,341 shares of the natural resource company’s stock valued at $2,564,000 after buying an additional 641 shares in the last quarter. Finally, Leo Wealth LLC boosted its holdings in Freeport-McMoRan by 4.5% in the 4th quarter. Leo Wealth LLC now owns 14,399 shares of the natural resource company’s stock worth $548,000 after buying an additional 616 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Down 0.5%

Shares of FCX opened at $41.50 on Friday. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The firm has a market capitalization of $59.64 billion, a P/E ratio of 32.17, a P/E/G ratio of 0.87 and a beta of 1.64. The firm has a 50-day moving average price of $36.45 and a 200 day moving average price of $38.36. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.01. The company had revenue of $5.73 billion for 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%. Freeport-McMoRan’s revenue was down 9.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.32 EPS. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio is presently 24.79%.

Insider Buying and Selling

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the completion of the transaction, the chief accounting officer now owns 48,333 shares of the company’s stock, valued at $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.75% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on FCX. Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Wolfe Research raised Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a research note on Wednesday, April 16th. Scotiabank lifted their target price on shares of Freeport-McMoRan from $40.00 to $43.00 and gave the stock a “sector perform” rating in a research note on Wednesday, May 14th. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Tuesday, April 8th. Finally, Hsbc Global Res raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 14th. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $47.82.

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.