MV Capital Management Inc. Has $37,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

MV Capital Management Inc. boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 38.6% in the first quarter, Holdings Channel reports. The institutional investor owned 794 shares of the natural resource company’s stock after buying an additional 221 shares during the period. MV Capital Management Inc.’s holdings in Freeport-McMoRan were worth $37,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in FCX. Bruce G. Allen Investments LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth $27,000. Jones Financial Companies Lllp raised its position in Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 532 shares during the last quarter. Vermillion & White Wealth Management Group LLC acquired a new position in Freeport-McMoRan during the 4th quarter worth about $32,000. EdgeRock Capital LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter valued at about $35,000. Finally, American National Bank increased its stake in shares of Freeport-McMoRan by 348.8% in the first quarter. American National Bank now owns 745 shares of the natural resource company’s stock valued at $35,000 after buying an additional 579 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $48.72 on Wednesday. The stock has a 50-day moving average of $50.58 and a 200-day moving average of $45.26. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. The company has a market cap of $69.99 billion, a PE ratio of 43.12, a P/E/G ratio of 1.99 and a beta of 1.92.

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

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.23%. Freeport-McMoRan’s payout ratio is 26.55%.

Insiders Place Their Bets

In other news, VP Douglas N. Currault II sold 55,000 shares of Freeport-McMoRan stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the completion of the transaction, the vice president now directly owns 164,067 shares in the company, valued at $8,529,843.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $51.99, for a total value of $2,859,450.00. Following the transaction, the vice president now owns 164,067 shares in the company, valued at $8,529,843.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Stephen T. Higgins sold 43,900 shares of the company’s stock in a transaction 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 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. Over the last 90 days, insiders have sold 445,667 shares of company stock worth $22,755,070. Insiders own 0.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. HSBC lifted their price objective on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research note on Tuesday, April 23rd. Bernstein Bank boosted their price target on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research report on Tuesday, April 23rd. Argus increased their price objective 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. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price for the company in a research note on Tuesday, April 9th. Finally, BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $52.93.

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.