Parkside Investments LLC Has $10.63 Million Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Parkside Investments LLC lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 9.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 280,868 shares of the natural resource company’s stock after purchasing an additional 23,614 shares during the quarter. Freeport-McMoRan accounts for 1.6% of Parkside Investments LLC’s portfolio, making the stock its 20th largest position. Parkside Investments LLC’s holdings in Freeport-McMoRan were worth $10,634,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Vanguard Group Inc. boosted its position in Freeport-McMoRan by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company’s stock valued at $4,692,191,000 after buying an additional 642,776 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Freeport-McMoRan by 21.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company’s stock valued at $1,214,203,000 after buying an additional 5,735,171 shares in the last quarter. Geode Capital Management LLC boosted its position in Freeport-McMoRan by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 29,579,298 shares of the natural resource company’s stock valued at $1,122,922,000 after buying an additional 688,240 shares in the last quarter. Franklin Resources Inc. boosted its position in Freeport-McMoRan by 8.0% in the fourth quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company’s stock valued at $1,123,445,000 after buying an additional 2,191,926 shares in the last quarter. Finally, Capital World Investors boosted its position in Freeport-McMoRan by 3.2% in the fourth quarter. Capital World Investors now owns 24,055,524 shares of the natural resource company’s stock valued at $916,037,000 after buying an additional 750,500 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FCX has been the topic of a number of recent analyst reports. Wolfe Research upgraded shares of Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 price target on the stock in a research report on Wednesday, April 16th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $50.00 target price (up from $48.00) on shares of Freeport-McMoRan in a research note on Friday, April 25th. Wall Street Zen downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday, April 8th. JPMorgan Chase & Co. dropped their target price 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. Finally, Dbs Bank raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $47.82.

Insider Activity at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 8,584 shares of the company’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the transaction, the chief accounting officer now owns 48,333 shares in the company, valued at $1,934,286.66. This represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.75% of the company’s stock.

Freeport-McMoRan Trading Up 0.4%

FCX opened at $41.19 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The company has a market cap of $59.19 billion, a price-to-earnings ratio of 31.93, a price-to-earnings-growth ratio of 0.87 and a beta of 1.64. The firm has a 50 day simple moving average of $37.16 and a 200 day simple moving average of $38.30. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data 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 firm had revenue of $5.73 billion during the quarter, compared to analysts’ expectations of $5.36 billion. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The business’s revenue for the quarter was down 9.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.32 earnings per share. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio is currently 24.79%.

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.