Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Truist Financial Corp

Truist Financial Corp lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 28.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 92,982 shares of the natural resource company’s stock after selling 36,121 shares during the quarter. Truist Financial Corp’s holdings in Freeport-McMoRan were worth $3,958,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FCX. Bruce G. Allen Investments LLC purchased a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $27,000. BluePath Capital Management LLC purchased a new position in Freeport-McMoRan in the third quarter worth approximately $28,000. Webster Bank N. A. increased its stake in Freeport-McMoRan by 6,469.2% during the fourth quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock worth $36,000 after acquiring an additional 841 shares during the last quarter. CVA Family Office LLC purchased a new stake in Freeport-McMoRan in the fourth quarter valued at $38,000. Finally, Orion Capital Management LLC acquired a new position in shares of Freeport-McMoRan in the 3rd quarter valued at $40,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 1.1 %

Shares of Freeport-McMoRan stock opened at $51.00 on Tuesday. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $52.52. The company has a 50 day moving average of $46.12 and a 200 day moving average of $41.02. The company has a quick ratio of 1.41, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $73.15 billion, a P/E ratio of 45.13, a P/E/G ratio of 8.19 and a beta of 2.02.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. The business had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.52 EPS. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.66 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend was Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Insider Buying and Selling

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total value of $2,153,318.45. Following the transaction, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,255,381.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at $5,255,381.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Stephen T. Higgins sold 43,900 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $51.08, for a total value of $2,242,412.00. Following the transaction, the chief accounting officer now directly owns 104,377 shares in the company, valued at approximately $5,331,577.16. The disclosure for this sale can be found here. Insiders sold a total of 310,896 shares of company stock worth $15,811,399 over the last 90 days. 0.78% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FCX. JPMorgan Chase & Co. cut their price objective on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research report on Wednesday, April 24th. Bernstein Bank boosted their price target on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday, April 23rd. Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $41.00 to $48.50 in a report on Monday, January 8th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 target price on shares of Freeport-McMoRan in a report on Thursday, January 25th. Finally, HSBC upped their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research note on Tuesday, April 23rd. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average target price of $50.07.

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.