5,638 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Purchased by NuWave Investment Management LLC

NuWave Investment Management LLC purchased a new position in Freeport-McMoRan Inc. (NYSE:FCXGet Rating) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 5,638 shares of the natural resource company’s stock, valued at approximately $280,000.

Other large investors have also added to or reduced their stakes in the company. ProShare Advisors LLC grew its stake in Freeport-McMoRan by 17.3% during the 4th quarter. ProShare Advisors LLC now owns 424,303 shares of the natural resource company’s stock valued at $17,707,000 after acquiring an additional 62,696 shares in the last quarter. Fifth Third Bancorp grew its stake in shares of Freeport-McMoRan by 47.9% in the 4th quarter. Fifth Third Bancorp now owns 384,153 shares of the natural resource company’s stock valued at $16,031,000 after buying an additional 124,410 shares in the last quarter. Leavell Investment Management Inc. grew its stake in shares of Freeport-McMoRan by 8.9% in the 4th quarter. Leavell Investment Management Inc. now owns 61,427 shares of the natural resource company’s stock valued at $2,563,000 after buying an additional 5,002 shares in the last quarter. Waters Parkerson & CO. LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $220,000. Finally, Evergreen Capital Management LLC grew its stake in shares of Freeport-McMoRan by 4.1% in the 4th quarter. Evergreen Capital Management LLC now owns 78,310 shares of the natural resource company’s stock valued at $3,268,000 after buying an additional 3,095 shares in the last quarter. 77.37% of the stock is currently owned by institutional investors.

In related news, Director Dustan E. Mccoy sold 8,200 shares of the company’s stock in a transaction on Tuesday, May 31st. The stock was sold at an average price of $39.24, for a total value of $321,768.00. Following the completion of the transaction, the director now directly owns 134,400 shares in the company, valued at $5,273,856. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Hugh Grant bought 12,300 shares of the business’s stock in a transaction that occurred on Monday, April 25th. The stock was purchased at an average price of $40.75 per share, with a total value of $501,225.00. Following the completion of the purchase, the director now directly owns 15,776 shares of the company’s stock, valued at approximately $642,872. The disclosure for this purchase can be found here. Corporate insiders own 0.72% of the company’s stock.

Several brokerages recently commented on FCX. Credit Suisse Group raised Freeport-McMoRan from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $32.00 to $38.00 in a research note on Thursday, June 9th. Jefferies Financial Group boosted their target price on Freeport-McMoRan from $58.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, March 24th. BNP Paribas lowered Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $50.00 target price for the company. in a report on Tuesday, April 5th. Raymond James set a $59.00 target price on Freeport-McMoRan and gave the stock an “outperform” rating in a report on Friday, April 22nd. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Freeport-McMoRan from $50.00 to $47.00 and set a “hold” rating for the company in a report on Friday, April 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $47.31.

Shares of FCX stock opened at $31.32 on Thursday. Freeport-McMoRan Inc. has a 12 month low of $30.02 and a 12 month high of $51.99. The firm has a market cap of $45.39 billion, a PE ratio of 9.08, a price-to-earnings-growth ratio of 0.30 and a beta of 2.02. The stock has a 50 day moving average of $39.61 and a 200-day moving average of $42.31. The company has a quick ratio of 1.68, a current ratio of 2.37 and a debt-to-equity ratio of 0.34.

Freeport-McMoRan (NYSE:FCXGet Rating) last issued its quarterly earnings results on Thursday, April 21st. The natural resource company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.19. Freeport-McMoRan had a return on equity of 24.06% and a net margin of 20.79%. The company had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.29 billion. During the same period in the previous year, the company earned $0.51 earnings per share. The company’s quarterly revenue was up 36.1% compared to the same quarter last year. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 3.92 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 1st. Investors of record on Friday, July 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.92%. Freeport-McMoRan’s payout ratio is 8.70%.

Freeport-McMoRan Company Profile (Get Rating)

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

Further Reading

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

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