Requisite Capital Management LLC Has $512,000 Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Requisite Capital Management LLC grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 20.7% in the 1st quarter, Holdings Channel reports. The institutional investor owned 10,881 shares of the natural resource company’s stock after buying an additional 1,868 shares during the quarter. Requisite Capital Management LLC’s holdings in Freeport-McMoRan were worth $512,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Belpointe Asset Management LLC lifted its position in shares of Freeport-McMoRan by 38.6% in the fourth quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock worth $719,000 after purchasing an additional 4,703 shares in the last quarter. Fisher Asset Management LLC raised its position in Freeport-McMoRan by 1.8% during the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after acquiring an additional 976,592 shares in the last quarter. Oaktree Capital Management LP raised its position in Freeport-McMoRan by 7.8% during the fourth quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock worth $124,216,000 after acquiring an additional 211,608 shares in the last quarter. Signature Estate & Investment Advisors LLC raised its position in Freeport-McMoRan by 6.4% during the fourth quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock worth $14,726,000 after acquiring an additional 20,894 shares in the last quarter. Finally, Cadinha & Co. LLC raised its position in Freeport-McMoRan by 59.0% during the fourth quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock worth $27,572,000 after acquiring an additional 240,340 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

FCX has been the topic of several analyst reports. Bernstein Bank upped their price target on shares of 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 raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $49.50 to $62.00 in a research report on Friday, June 21st. Argus upped their price target on shares of 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 upped their price target on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. Finally, BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Five 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 company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $52.93.

Freeport-McMoRan Stock Performance

Shares of FCX stock traded up $0.31 on Tuesday, hitting $48.72. The company’s stock had a trading volume of 8,469,779 shares, compared to its average volume of 14,003,213. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35. The stock’s 50 day moving average is $50.58 and its 200-day moving average is $45.26. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The company has a market capitalization of $69.99 billion, a PE ratio of 43.12, a PEG ratio of 1.99 and a beta of 1.92.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The business had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same period in the prior year, the company posted $0.52 earnings per share. Freeport-McMoRan’s revenue was up 17.3% compared to the same quarter last year. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.74 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Monday, July 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.23%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Insiders Place Their Bets

In other Freeport-McMoRan 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 sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,255,381.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 80,000 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following 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 filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Stephen T. Higgins sold 42,767 shares of the 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 sale, the chief accounting officer now owns 104,377 shares in the company, valued at $5,255,381.95. The disclosure for this sale can be found here. Insiders have sold 445,667 shares of company stock worth $22,755,070 over the last ninety days. Corporate insiders own 0.79% of the company’s stock.

Freeport-McMoRan 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.