Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Mirador Capital Partners LP

Mirador Capital Partners LP boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 2.9% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 66,828 shares of the natural resource company’s stock after purchasing an additional 1,890 shares during the period. Mirador Capital Partners LP’s holdings in Freeport-McMoRan were worth $3,142,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently added to or reduced their stakes in FCX. Boston Partners increased its holdings in shares of Freeport-McMoRan by 13,248.4% in the 4th quarter. Boston Partners now owns 5,351,630 shares of the natural resource company’s stock worth $227,747,000 after acquiring an additional 5,311,538 shares during the period. AustralianSuper Pty Ltd bought a new stake in shares of Freeport-McMoRan during the fourth quarter valued at approximately $66,993,000. TD Asset Management Inc boosted its position in shares of Freeport-McMoRan by 35.0% during the fourth quarter. TD Asset Management Inc now owns 5,777,840 shares of the natural resource company’s stock worth $245,963,000 after buying an additional 1,498,259 shares during the period. Penserra Capital Management LLC grew its holdings in Freeport-McMoRan by 16,058.7% in the 3rd quarter. Penserra Capital Management LLC now owns 1,500,338 shares of the natural resource company’s stock worth $55,947,000 after buying an additional 1,491,053 shares in the last quarter. Finally, International Assets Investment Management LLC increased its position in Freeport-McMoRan by 4,857.7% in the 4th quarter. International Assets Investment Management LLC now owns 1,324,452 shares of the natural resource company’s stock valued at $56,382,000 after acquiring an additional 1,297,737 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Insider Transactions at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 43,900 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $51.08, for a total value of $2,242,412.00. Following the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at $5,331,577.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at $5,255,381.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Stephen T. Higgins sold 43,900 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $51.08, for a total value of $2,242,412.00. Following the sale, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at approximately $5,331,577.16. The disclosure for this sale can be found here. Insiders sold 445,667 shares of company stock valued at $22,755,070 over the last three months. 0.79% of the stock is owned by corporate insiders.

Freeport-McMoRan Trading Up 1.4 %

NYSE FCX traded up $0.69 on Monday, hitting $49.29. 585,930 shares of the company were exchanged, compared to its average volume of 13,997,632. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The firm has a market capitalization of $70.80 billion, a P/E ratio of 43.01, a price-to-earnings-growth ratio of 1.99 and a beta of 1.92. The company’s 50 day moving average price is $50.58 and its 200-day moving average price is $45.17.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The business had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same quarter in the previous year, the business earned $0.52 earnings per share. The firm’s revenue was up 17.3% compared to the same quarter last year. Analysts predict that Freeport-McMoRan Inc. will post 1.74 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be paid a dividend of $0.15 per share. The ex-dividend date is Monday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.22%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FCX. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Morgan Stanley upgraded shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $49.50 to $62.00 in a research report on Friday, June 21st. Argus boosted their price target on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Scotiabank increased their price objective on shares of Freeport-McMoRan from $53.00 to $60.00 and gave the company a “sector outperform” rating in a report on Thursday, May 30th. Finally, Raymond James boosted their target price on Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday, April 24th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $52.93.

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.