Capital Investment Advisors LLC Reduces Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Capital Investment Advisors LLC reduced its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 70,380 shares of the natural resource company’s stock after selling 4,700 shares during the quarter. Capital Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $2,665,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in FCX. Madison Investment Advisors LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth about $3,388,000. Vanguard Group Inc. increased its holdings 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 during the last quarter. Wellington Management Group LLP increased its holdings in Freeport-McMoRan by 237.4% in the fourth quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company’s stock valued at $351,041,000 after buying an additional 6,486,011 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in Freeport-McMoRan by 5.4% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 159,536 shares of the natural resource company’s stock valued at $6,075,000 after buying an additional 8,195 shares in the last quarter. Finally, PGGM Investments lifted its holdings in Freeport-McMoRan by 220.3% during the 4th quarter. PGGM Investments now owns 40,467 shares of the natural resource company’s stock worth $1,541,000 after buying an additional 27,834 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Down 0.5%

Shares of Freeport-McMoRan stock opened at $41.50 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $52.61. The business’s fifty day moving average price is $36.45 and its two-hundred day moving average price is $38.29. The company has a market capitalization of $59.64 billion, a P/E ratio of 32.17, a PEG ratio of 0.87 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. The company had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.36 billion. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The company’s quarterly revenue was down 9.4% compared to the same quarter last year. During the same period last year, the company earned $0.32 earnings per share. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.45%. Freeport-McMoRan’s dividend payout ratio (DPR) is 24.79%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Wall Street Zen downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Tuesday, April 8th. Raymond James reiterated an “outperform” rating and set a $52.00 target price on shares of Freeport-McMoRan in a research note on Friday, April 25th. Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research report on Thursday, March 6th. Hsbc Global Res raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, April 14th. Finally, Wolfe Research raised shares of Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a research report on Wednesday, April 16th. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $47.82.

Insider Transactions at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the firm’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 transaction of $343,531.68. Following the transaction, the chief accounting officer now owns 48,333 shares in the company, valued at $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.75% 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.