Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Advisory Services Network LLC

Advisory Services Network LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCXGet Rating) by 3.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 91,101 shares of the natural resource company’s stock after selling 3,266 shares during the quarter. Advisory Services Network LLC’s holdings in Freeport-McMoRan were worth $4,531,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in FCX. Capital Research Global Investors grew its holdings in shares of Freeport-McMoRan by 19.5% during the 4th quarter. Capital Research Global Investors now owns 73,817,050 shares of the natural resource company’s stock worth $3,080,385,000 after purchasing an additional 12,060,475 shares during the period. Eubel Brady & Suttman Asset Management Inc. purchased a new position in shares of Freeport-McMoRan during the 1st quarter worth $7,657,000. 1832 Asset Management L.P. grew its holdings in shares of Freeport-McMoRan by 652,966.4% during the 1st quarter. 1832 Asset Management L.P. now owns 6,582,909 shares of the natural resource company’s stock worth $322,939,000 after purchasing an additional 6,581,901 shares during the period. First Trust Advisors LP grew its holdings in shares of Freeport-McMoRan by 795.2% during the 1st quarter. First Trust Advisors LP now owns 6,026,228 shares of the natural resource company’s stock worth $299,745,000 after purchasing an additional 5,353,074 shares during the period. Finally, Fisher Asset Management LLC grew its holdings in shares of Freeport-McMoRan by 3.9% during the 1st quarter. Fisher Asset Management LLC now owns 50,750,501 shares of the natural resource company’s stock worth $2,524,330,000 after purchasing an additional 1,897,056 shares during the period. 77.38% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Down 0.8 %

FCX stock opened at $29.78 on Friday. The company has a fifty day moving average price of $29.58 and a 200 day moving average price of $37.43. Freeport-McMoRan Inc. has a 12 month low of $24.80 and a 12 month high of $51.99. The company has a market cap of $42.56 billion, a price-to-earnings ratio of 9.05, a price-to-earnings-growth ratio of 0.37 and a beta of 2.00. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.73 and a quick ratio of 1.94.

Freeport-McMoRan (NYSE:FCXGet Rating) last released its quarterly earnings results on Thursday, July 21st. The natural resource company reported $0.58 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.31). Freeport-McMoRan had a net margin of 20.08% and a return on equity of 22.04%. The business had revenue of $5.42 billion during the quarter, compared to analysts’ expectations of $6.20 billion. During the same quarter last year, the company earned $0.77 EPS. The firm’s revenue for the quarter was down 5.8% compared to the same quarter last year. Sell-side analysts expect that Freeport-McMoRan Inc. will post 2.84 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 1st. Investors of record on Friday, July 15th were given a $0.15 dividend. The ex-dividend date of this dividend was Thursday, July 14th. This represents a $0.60 annualized dividend and a yield of 2.01%. Freeport-McMoRan’s dividend payout ratio (DPR) is 9.12%.

Analyst Upgrades and Downgrades

FCX has been the subject of a number of research analyst reports. Credit Suisse Group lowered their target price on Freeport-McMoRan to $34.00 in a report on Friday, July 22nd. Morgan Stanley reaffirmed an “equal weight” rating on shares of Freeport-McMoRan in a research report on Thursday, June 23rd. Wolfe Research lowered Freeport-McMoRan from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 7th. Barclays reduced their price target on Freeport-McMoRan from $29.00 to $24.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 19th. Finally, Clarkson Capital reaffirmed a “neutral” rating on shares of Freeport-McMoRan in a research report on Tuesday, June 14th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $42.00.

Insiders Place Their Bets

In other news, Director Ryan Michael Lance acquired 31,000 shares of the business’s stock in a transaction on Monday, August 29th. The stock was bought at an average price of $31.88 per share, for a total transaction of $988,280.00. Following the transaction, the director now owns 32,132 shares in the company, valued at $1,024,368.16. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Sara Grootwassink Lewis acquired 3,000 shares of the business’s stock in a transaction on Wednesday, August 3rd. The stock was bought at an average price of $28.79 per share, for a total transaction of $86,370.00. Following the transaction, the director now owns 13,800 shares in the company, valued at $397,302. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ryan Michael Lance purchased 31,000 shares of the business’s stock in a transaction dated Monday, August 29th. The stock was bought at an average price of $31.88 per share, with a total value of $988,280.00. Following the acquisition, the director now directly owns 32,132 shares in the company, valued at $1,024,368.16. The disclosure for this purchase can be found here. 0.72% of the stock is owned by insiders.

Freeport-McMoRan Profile

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Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

See Also

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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