Traynor Capital Management Inc. Takes Position in Freeport-McMoRan Inc. (NYSE:FCX)

Traynor Capital Management Inc. acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCXGet Rating) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 26,198 shares of the natural resource company’s stock, valued at approximately $1,303,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Dark Forest Capital Management LP acquired a new position in shares of Freeport-McMoRan during the 3rd quarter valued at about $68,000. Verition Fund Management LLC acquired a new position in Freeport-McMoRan in the 3rd quarter valued at about $379,000. United Capital Financial Advisers LLC grew its stake in shares of Freeport-McMoRan by 27.7% in the 3rd quarter. United Capital Financial Advisers LLC now owns 13,213 shares of the natural resource company’s stock valued at $430,000 after buying an additional 2,864 shares during the period. National Asset Management Inc. increased its holdings in shares of Freeport-McMoRan by 5.0% during the 3rd quarter. National Asset Management Inc. now owns 27,150 shares of the natural resource company’s stock worth $889,000 after buying an additional 1,294 shares during the last quarter. Finally, Oaktree Capital Management LP purchased a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at approximately $59,645,000. 77.37% of the stock is currently owned by institutional investors.

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

Freeport-McMoRan (NYSE:FCXGet Rating) last announced its quarterly earnings data 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. The business had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.29 billion. Freeport-McMoRan had a return on equity of 24.06% and a net margin of 20.79%. During the same period in the previous year, the company posted $0.51 earnings per share. The business’s revenue for the quarter was up 36.1% on a year-over-year basis. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 3.92 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 1st. Stockholders of record on Friday, July 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Thursday, July 14th. 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%.

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

FCX has been the topic of a number of research analyst reports. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Tuesday, April 5th. Stifel Nicolaus boosted their price objective on shares of Freeport-McMoRan from $49.00 to $54.00 in a report on Thursday, March 17th. BNP Paribas cut shares of Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $50.00 price target for the company. in a research report on Tuesday, April 5th. Credit Suisse Group upgraded shares of Freeport-McMoRan from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $32.00 to $38.00 in a report on Thursday, June 9th. Finally, Jefferies Financial Group lifted their target price on shares of Freeport-McMoRan from $58.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, March 24th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Hold” and a consensus price target of $47.31.

Freeport-McMoRan 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.

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

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