Sheaff Brock Investment Advisors LLC Raises Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Sheaff Brock Investment Advisors LLC increased its position in Freeport-McMoRan Inc. (NYSE:FCXGet Rating) by 53.4% in the first quarter, HoldingsChannel.com reports. The fund owned 11,437 shares of the natural resource company’s stock after buying an additional 3,980 shares during the period. Sheaff Brock Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $569,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hollencrest Capital Management grew its position in Freeport-McMoRan by 0.7% during the 1st quarter. Hollencrest Capital Management now owns 27,728 shares of the natural resource company’s stock worth $1,379,000 after purchasing an additional 200 shares during the period. Lowe Wealth Advisors LLC boosted its holdings in Freeport-McMoRan by 8.6% in the 1st quarter. Lowe Wealth Advisors LLC now owns 3,159 shares of the natural resource company’s stock worth $157,000 after buying an additional 250 shares during the last quarter. Lindbrook Capital LLC boosted its holdings in Freeport-McMoRan by 5.7% in the 1st quarter. Lindbrook Capital LLC now owns 4,816 shares of the natural resource company’s stock worth $240,000 after buying an additional 260 shares during the last quarter. Atlas Brown Inc. boosted its holdings in Freeport-McMoRan by 5.0% in the 1st quarter. Atlas Brown Inc. now owns 5,536 shares of the natural resource company’s stock worth $275,000 after buying an additional 265 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in Freeport-McMoRan by 0.3% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 95,873 shares of the natural resource company’s stock worth $4,769,000 after buying an additional 304 shares during the last quarter. Hedge funds and other institutional investors own 77.37% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FCX. The Goldman Sachs Group lowered their price objective on Freeport-McMoRan from $54.00 to $46.00 and set a “buy” rating on the stock in a report on Thursday, July 14th. Morgan Stanley reiterated an “equal weight” rating on shares of Freeport-McMoRan in a report on Thursday, June 23rd. Royal Bank of Canada raised their target price on shares of Freeport-McMoRan from $46.00 to $47.00 and gave the stock a “sector perform” rating in a research note on Friday, April 22nd. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Freeport-McMoRan from $37.00 to $35.00 in a research note on Friday, July 22nd. Finally, Wolfe Research lowered shares of Freeport-McMoRan from an “outperform” rating to a “peer perform” rating in a research note on Thursday, July 7th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Hold” and an average price target of $42.00.

Freeport-McMoRan Stock Up 0.2 %

FCX stock opened at $28.76 on Friday. The firm has a market cap of $41.68 billion, a PE ratio of 8.74, a PEG ratio of 0.30 and a beta of 2.01. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.94 and a current ratio of 2.73. The firm’s 50 day moving average price is $32.33 and its 200-day moving average price is $39.73. Freeport-McMoRan Inc. has a one year low of $24.80 and a one year high of $51.99.

Freeport-McMoRan (NYSE:FCXGet Rating) last released its quarterly earnings results on Thursday, July 21st. The natural resource company reported $0.58 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.31). The firm had revenue of $5.42 billion for the quarter, compared to analysts’ expectations of $6.20 billion. Freeport-McMoRan had a net margin of 20.08% and a return on equity of 22.04%. The firm’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.77 EPS. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post 3.24 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 1st. Investors of record on Friday, July 15th were issued a $0.15 dividend. The ex-dividend date was Thursday, July 14th. This represents a $0.60 annualized dividend and a yield of 2.09%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 9.12%.

Insider Activity at Freeport-McMoRan

In related news, Director Sara Grootwassink Lewis bought 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was purchased at an average price of $28.79 per share, for a total transaction of $86,370.00. Following the acquisition, the director now owns 13,800 shares of the company’s stock, valued at $397,302. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Freeport-McMoRan news, Director Sara Grootwassink Lewis purchased 3,000 shares of the company’s stock in a transaction on Wednesday, August 3rd. The stock was acquired at an average price of $28.79 per share, for a total transaction of $86,370.00. Following the completion of the purchase, the director now directly owns 13,800 shares in the company, valued at approximately $397,302. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Dustan E. Mccoy sold 8,200 shares of the business’s stock in a transaction on Tuesday, May 31st. The stock was sold at an average price of $39.24, for a total transaction of $321,768.00. Following the completion of the transaction, the director now owns 134,400 shares of the company’s stock, valued at approximately $5,273,856. The disclosure for this sale can be found here. 0.72% of the stock is owned by insiders.

Freeport-McMoRan Company Profile

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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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