Edgestream Partners L.P. Makes New $1.47 Million Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Edgestream Partners L.P. bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the first quarter, Holdings Channel reports. The firm bought 31,310 shares of the natural resource company’s stock, valued at approximately $1,472,000.

Several other hedge funds also recently modified their holdings of the business. Jones Financial Companies Lllp raised its stake in shares of Freeport-McMoRan by 422.2% in the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 532 shares in the last quarter. Vermillion & White Wealth Management Group LLC acquired a new position in Freeport-McMoRan during the fourth quarter worth $32,000. EdgeRock Capital LLC acquired a new position in Freeport-McMoRan during the fourth quarter worth $35,000. American National Bank raised its stake in Freeport-McMoRan by 348.8% during the first quarter. American National Bank now owns 745 shares of the natural resource company’s stock worth $35,000 after acquiring an additional 579 shares in the last quarter. Finally, Webster Bank N. A. raised its stake in Freeport-McMoRan by 6,469.2% during the fourth quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock worth $36,000 after acquiring an additional 841 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Insider Activity

In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the vice president now owns 164,067 shares of the company’s stock, valued at approximately $8,529,843.33. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, VP Douglas N. Currault II sold 55,000 shares of the company’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 transaction of $2,859,450.00. Following the sale, the vice president now directly owns 164,067 shares of the company’s stock, valued at approximately $8,529,843.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Stephen T. Higgins sold 42,767 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $50.35, for a total value of $2,153,318.45. Following the sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,255,381.95. The disclosure for this sale can be found here. Insiders sold 445,667 shares of company stock worth $22,755,070 over the last three months. 0.79% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on FCX. HSBC increased their target price on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a report on Tuesday, April 23rd. Argus boosted their price target on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Raymond James lifted their target price on Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 24th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a report on Tuesday, April 9th. Finally, StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $52.93.

Freeport-McMoRan Stock Down 3.6 %

FCX traded down $1.66 during mid-day trading on Tuesday, reaching $44.35. 4,773,418 shares of the stock were exchanged, compared to its average volume of 13,585,361. The company has a 50 day moving average price of $50.36 and a two-hundred day moving average price of $46.00. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24. The stock has a market capitalization of $63.71 billion, a PE ratio of 40.72, a price-to-earnings-growth ratio of 1.05 and a beta of 1.92. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.02. The business had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. Freeport-McMoRan’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.35 earnings per share. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company 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 $0.15 dividend. The ex-dividend date is Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.35%. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

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.