16,920 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Acquired by Oxford Wealth Group LLC

Oxford Wealth Group LLC bought a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the 1st quarter, Holdings Channel.com reports. The institutional investor bought 16,920 shares of the natural resource company’s stock, valued at approximately $796,000.

Several other hedge funds have also modified their holdings of FCX. Iron Gate Global Advisors LLC raised its holdings in Freeport-McMoRan by 23.8% in the first quarter. Iron Gate Global Advisors LLC now owns 7,281 shares of the natural resource company’s stock valued at $346,000 after buying an additional 1,400 shares during the period. Zurich Insurance Group Ltd FI raised its holdings in Freeport-McMoRan by 31.7% in the first quarter. Zurich Insurance Group Ltd FI now owns 1,509,554 shares of the natural resource company’s stock valued at $70,979,000 after buying an additional 363,238 shares during the period. Caxton Associates LP purchased a new position in Freeport-McMoRan in the first quarter valued at approximately $3,526,000. Mount Yale Investment Advisors LLC purchased a new position in Freeport-McMoRan in the first quarter valued at approximately $277,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in Freeport-McMoRan by 6.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock valued at $1,734,234,000 after buying an additional 2,392,800 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Freeport-McMoRan news, CEO Richard C. Adkerson sold 54,771 shares of Freeport-McMoRan stock in a transaction on Monday, May 6th. The shares were sold at an average price of $50.78, for a total value of $2,781,271.38. Following the completion of the transaction, the chief executive officer now owns 3,652,478 shares of the company’s stock, valued at $185,472,832.84. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Freeport-McMoRan news, CEO Richard C. Adkerson sold 54,771 shares of Freeport-McMoRan stock in a transaction on Monday, May 6th. The shares were sold at an average price of $50.78, for a total value of $2,781,271.38. Following the completion of the transaction, the chief executive officer now owns 3,652,478 shares of the company’s stock, valued at $185,472,832.84. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Stephen T. Higgins sold 80,000 shares of Freeport-McMoRan stock in a transaction on Monday, May 13th. The stock was sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the completion of the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at approximately $5,430,735.31. The disclosure for this sale can be found here. Insiders sold a total of 221,438 shares of company stock valued at $11,339,402 over the last 90 days. 0.79% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on FCX shares. JPMorgan Chase & Co. cut their price target on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, April 24th. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective on the stock in a research note on Tuesday, April 9th. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. HSBC lifted their price objective on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday, April 23rd. Finally, Argus lifted their price objective on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $53.07.

Freeport-McMoRan Stock Down 1.2 %

Shares of FCX stock traded down $0.54 during mid-day trading on Tuesday, reaching $43.84. 11,602,036 shares of the company were exchanged, compared to its average volume of 13,672,993. 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 debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The company has a market capitalization of $62.98 billion, a P/E ratio of 38.80, a P/E/G ratio of 2.14 and a beta of 1.92. The business’s 50 day simple moving average is $49.26 and its 200 day simple moving average is $46.13.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.35 earnings per share. Research analysts predict that Freeport-McMoRan Inc. will post 1.66 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm 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. This represents a $0.60 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date is Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is presently 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.