Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Rossmore Private Capital

Rossmore Private Capital lessened its position in Freeport-McMoRan Inc. (NYSE:FCX) by 0.8% during the first quarter, Holdings Channel reports. The fund owned 39,937 shares of the natural resource company’s stock after selling 303 shares during the quarter. Rossmore Private Capital’s holdings in Freeport-McMoRan were worth $1,512,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of FCX. Stratos Investment Management LLC raised its holdings in shares of Freeport-McMoRan by 238.5% during the first quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company’s stock valued at $2,443,000 after buying an additional 45,458 shares during the last quarter. Community Bank N.A. increased its position in Freeport-McMoRan by 18.5% in the 1st quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company’s stock valued at $1,498,000 after acquiring an additional 6,188 shares during the period. Arizona State Retirement System raised its stake in Freeport-McMoRan by 2.2% during the 1st quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company’s stock valued at $15,957,000 after acquiring an additional 8,989 shares in the last quarter. Financial Sense Advisors Inc. boosted its position in Freeport-McMoRan by 527.9% during the 1st quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company’s stock worth $2,882,000 after acquiring an additional 64,003 shares during the period. Finally, Anderson Hoagland & Co. boosted its position in Freeport-McMoRan by 27.6% during the 1st quarter. Anderson Hoagland & Co. now owns 109,565 shares of the natural resource company’s stock worth $4,148,000 after acquiring an additional 23,695 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Down 1.0%

Shares of Freeport-McMoRan stock opened at $41.46 on Tuesday. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The firm has a market capitalization of $59.58 billion, a PE ratio of 31.41, a price-to-earnings-growth ratio of 0.77 and a beta of 1.63. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The stock’s fifty day moving average is $42.91 and its 200-day moving average is $39.09.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. The firm had revenue of $7.58 billion for the quarter, compared to analysts’ expectations of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%. Freeport-McMoRan’s revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the business posted $0.46 EPS. Equities 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 declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. Freeport-McMoRan’s dividend payout ratio is currently 22.73%.

Insider Activity

In related 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 sale, the chief accounting officer owned 48,333 shares in the company, valued at approximately $1,934,286.66. This represents a 15.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.79% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on FCX shares. BMO Capital Markets lowered their price target on Freeport-McMoRan from $55.00 to $54.00 and set an “outperform” rating on the stock in a report on Thursday, July 24th. Stifel Canada upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Tuesday, July 8th. Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Bank of America reaffirmed a “neutral” rating and issued a $56.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. Finally, Royal Bank Of Canada increased their price objective on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a “sector perform” rating in a report on Wednesday, June 4th. Eight analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $51.00.

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.