Tidal Investments LLC Purchases 42,267 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Tidal Investments LLC boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 42.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 142,639 shares of the natural resource company’s stock after buying an additional 42,267 shares during the period. Tidal Investments LLC’s holdings in Freeport-McMoRan were worth $6,701,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Jones Financial Companies Lllp grew its holdings 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 acquiring an additional 532 shares in the last quarter. American National Bank lifted its stake in 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 purchasing an additional 579 shares during the last quarter. Vermillion & White Wealth Management Group LLC purchased a new position in Freeport-McMoRan in the fourth quarter valued at approximately $32,000. Tompkins Financial Corp lifted its stake in Freeport-McMoRan by 33.8% in the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 200 shares during the last quarter. Finally, MV Capital Management Inc. lifted its stake in Freeport-McMoRan by 38.6% in the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 221 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Price Performance

FCX traded down $1.26 during trading on Thursday, reaching $44.15. The stock had a trading volume of 3,121,718 shares, compared to its average volume of 13,597,093. The stock has a market cap of $63.42 billion, a PE ratio of 40.19, a PEG ratio of 2.08 and a beta of 1.92. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The business has a 50-day moving average of $49.26 and a 200-day moving average of $46.13.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm’s revenue 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, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.67 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Monday, July 15th will be paid a dividend of $0.15 per share. The ex-dividend date is Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.36%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 26.55%.

Insider Activity

In other news, CAO Stephen T. Higgins sold 42,767 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,255,381.95. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 80,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $52.03, for a total value of $4,162,400.00. Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,430,735.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Stephen T. Higgins sold 42,767 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the completion of the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,255,381.95. The disclosure for this sale can be found here. Over the last three months, insiders have sold 177,538 shares of company stock valued at $9,096,990. 0.79% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on FCX shares. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Bernstein Bank increased their target price on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research report on Tuesday, April 23rd. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $49.50 to $62.00 in a research report on Friday, June 21st. Raymond James dropped their target price on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 24th. Finally, Argus increased their target price on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $53.07.

About Freeport-McMoRan

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.