Rise Advisors LLC Makes New $38,000 Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Rise Advisors LLC purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 813 shares of the natural resource company’s stock, valued at approximately $38,000.

A number of other hedge funds also recently bought and sold shares of the business. Tompkins Financial Corp boosted its position in Freeport-McMoRan by 33.8% during the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 200 shares in the last quarter. Mather Group LLC. lifted its position in shares of Freeport-McMoRan by 1.3% in the first quarter. Mather Group LLC. now owns 17,417 shares of the natural resource company’s stock valued at $819,000 after acquiring an additional 222 shares in the last quarter. Fulton Bank N.A. lifted its position in shares of Freeport-McMoRan by 2.6% in the fourth quarter. Fulton Bank N.A. now owns 10,606 shares of the natural resource company’s stock valued at $451,000 after acquiring an additional 267 shares in the last quarter. Drive Wealth Management LLC lifted its position in shares of Freeport-McMoRan by 2.8% in the fourth quarter. Drive Wealth Management LLC now owns 9,840 shares of the natural resource company’s stock valued at $419,000 after acquiring an additional 267 shares in the last quarter. Finally, Sound Income Strategies LLC lifted its position in shares of Freeport-McMoRan by 38.8% in the fourth quarter. Sound Income Strategies LLC now owns 965 shares of the natural resource company’s stock valued at $41,000 after acquiring an additional 270 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the topic of several research reports. Raymond James raised their target price on Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a research report on Wednesday, April 24th. UBS Group raised their target price on Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a research report on Tuesday, May 14th. Scotiabank raised their target price on Freeport-McMoRan from $53.00 to $60.00 and gave the company a “sector outperform” rating in a research report on Thursday, May 30th. Deutsche Bank Aktiengesellschaft raised their target price on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. Finally, Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a report on Tuesday, April 9th. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.47.

Insider Activity

In other news, CAO Stephen T. Higgins sold 42,767 shares of Freeport-McMoRan stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at $5,255,381.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CAO Stephen T. Higgins sold 42,767 shares of Freeport-McMoRan stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at $5,255,381.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Richard C. Adkerson sold 169,229 shares of Freeport-McMoRan stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $50.56, for a total value of $8,556,218.24. Following the completion of the sale, the chief executive officer now directly owns 3,707,249 shares of the company’s stock, valued at $187,438,509.44. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 445,667 shares of company stock valued at $22,755,070. 0.79% of the stock is currently owned by corporate insiders.

Freeport-McMoRan Price Performance

FCX stock opened at $49.37 on Friday. The business has a fifty day moving average of $50.62 and a two-hundred day moving average of $44.56. The company has a quick ratio of 1.41, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. The stock has a market cap of $70.92 billion, a price-to-earnings ratio of 43.69, a price-to-earnings-growth ratio of 2.08 and a beta of 1.96. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. The company had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.52 earnings per share. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 1.71 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th were paid a $0.15 dividend. The ex-dividend date was Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.22%. Freeport-McMoRan’s payout ratio is presently 26.55%.

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.