Portside Wealth Group LLC Buys 6,092 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

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Portside Wealth Group LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX[2] - Free Report[3]) by 25.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 30,088 shares of the natural resource company's stock after buying an additional 6,092 shares during the period. Portside Wealth Group LLC's holdings in Freeport-McMoRan were worth £1,139,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Park Avenue Securities LLC increased its holdings in Freeport-McMoRan by 5.2% in the 1st quarter. Park Avenue Securities LLC now owns 27,055 shares of the natural resource company's stock worth £1,024,000 after purchasing an additional 1,341 shares in the last quarter.

OLD National Bancorp IN grew its holdings in shares of Freeport-McMoRan by 20.1% during the first quarter. OLD National Bancorp IN now owns 11,905 shares of the natural resource company's stock worth £451,000 after purchasing an additional 1,992 shares during the last quarter. Lake Hills Wealth Management LLC acquired a new position in shares of Freeport-McMoRan in the first quarter valued at approximately £436,000.

Gateway Investment Advisers LLC boosted its position in Freeport-McMoRan by 1,674.6% during the 1st quarter. Gateway Investment Advisers LLC now owns 250,752 shares of the natural resource company's stock worth £9,493,000 after buying an additional 236,622 shares during the period. Finally, Impact Capital Partners LLC acquired a new stake in Freeport-McMoRan during the 1st quarter worth approximately £224,000.

80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

Shares of FCX[4] opened at £42.34 on Tuesday. The firm has a market cap of £60.85 billion, a PE ratio of 32.83, a price-to-earnings-growth ratio of 0.87 and a beta of 1.64. Freeport-McMoRan Inc. has a 52-week low of £27.66 and a 52-week high of £52.61.

The business's 50 day moving average price is £36.53 and its two-hundred day moving average price is £38.28. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. Ad Chaikin Analytics

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Freeport-McMoRan (NYSE:FCX[5] - Get Free Report[6]) last released its earnings results on Thursday, April 24th. The natural resource company reported £0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of £0.23 by £0.01. The company had revenue of £5.73 billion for the quarter, compared to the consensus estimate of £5.36 billion.

Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. Freeport-McMoRan's quarterly revenue was down 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned £0.32 EPS.

On average, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were given a dividend of £0.15 per share. The ex-dividend date of this dividend was Tuesday, April 15th.

This represents a £0.60 dividend on an annualized basis and a dividend yield of 1.42%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 24.79%.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the firm's stock in a transaction that occurred on Monday, June 2nd.

The stock was sold at an average price of £40.02, for a total value of £343,531.68. Following the completion of the sale, the chief accounting officer now owns 48,333 shares of the company's stock, valued at approximately £1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock.

The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink[7].

0.75% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on FCX. JPMorgan Chase & Co. dropped their price target on shares of Freeport-McMoRan from £52.00 to £42.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Raymond James reaffirmed an "outperform" rating and set a £52.00 target price on shares of Freeport-McMoRan in a report on Friday, April 25th.

Hsbc Global Res upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and set a £47.00 price objective for the company in a research report on Thursday, March 6th. Finally, Wolfe Research upgraded Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a £39.00 target price on the stock in a report on Wednesday, April 16th.

Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of £47.82. Check Out Our Latest Stock Report on Freeport-McMoRan[8]

About Freeport-McMoRan

(Free Report[9])

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.

Further Reading

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com[10] to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX[11] - Free Report[12]).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].

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References

1. ^ Skip to main content (www.marketbeat.com)
2. ^ NYSE:FCX (www.marketbeat.com)
3. ^ Free Report (www.marketbeat.com)
4. ^ FCX (www.marketbeat.com)
5. ^ NYSE:FCX (www.marketbeat.com)
6. ^ Get Free Report (www.marketbeat.com)
7. ^ this hyperlink (www.sec.gov)
8. ^ Check Out Our Latest Stock Report on Freeport-McMoRan (www.marketbeat.com)
9. ^ Free Report (www.marketbeat.com)
10. ^ Visit HoldingsChannel.com (www.holdingschannel.com)
11. ^ NYSE:FCX (www.marketbeat.com)
12. ^ Free Report (www.marketbeat.com)
13. ^ five stocks (www.marketbeat.com)
14. ^ View The Five Stocks Here (www.marketbeat.com)
15. ^ Get This Free Report (marketbeat.com)
16. ^ Start Your 30-Day Trial (www.marketbeat.com)
17. ^ Polygon.io (polygon.io)
18. ^ Barchart's disclaimer (www.barchartmarketdata.com)