Choreo LLC Trims Position in Freeport-McMoRan Inc. (NYSE:FCX)

Choreo LLC reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 5.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,683 shares of the natural resource company’s stock after selling 249 shares during the period. Choreo LLC’s holdings in Freeport-McMoRan were worth $220,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Bruce G. Allen Investments LLC acquired a new position in Freeport-McMoRan during the fourth quarter worth $27,000. Jones Financial Companies Lllp raised its position in shares of Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 532 shares during the last quarter. American National Bank lifted its stake in Freeport-McMoRan by 348.8% in the 1st quarter. American National Bank now owns 745 shares of the natural resource company’s stock valued at $35,000 after buying an additional 579 shares in the last quarter. Vermillion & White Wealth Management Group LLC acquired a new stake in Freeport-McMoRan in the 4th quarter worth about $32,000. Finally, Tompkins Financial Corp increased its stake in Freeport-McMoRan by 33.8% during the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after buying an additional 200 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 43,900 shares of the firm’s stock in a transaction on 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 sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,331,577.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CAO Stephen T. Higgins sold 43,900 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $51.08, for a total value of $2,242,412.00. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,331,577.16. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Richard C. Adkerson sold 169,229 shares of Freeport-McMoRan stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $50.56, for a total transaction of $8,556,218.24. Following the sale, the chief executive officer now owns 3,707,249 shares in the company, valued at $187,438,509.44. The disclosure for this sale can be found here. Over the last quarter, insiders sold 445,667 shares of company stock worth $22,755,070. Corporate insiders own 0.79% of the company’s stock.

Freeport-McMoRan Trading Down 0.8 %

Shares of FCX stock opened at $51.13 on Tuesday. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The firm has a market cap of $73.45 billion, a PE ratio of 45.25, a price-to-earnings-growth ratio of 2.09 and a beta of 1.92. The company has a 50-day moving average of $50.65 and a two-hundred day moving average of $45.52. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41.

Freeport-McMoRan (NYSE:FCXGet Free Report) last posted its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The firm had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter last year, the firm earned $0.52 EPS. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. On average, analysts predict that Freeport-McMoRan Inc. will post 1.72 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be paid a dividend of $0.15 per share. The ex-dividend date is Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.17%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on FCX shares. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Scotiabank upped their target price on shares of Freeport-McMoRan from $53.00 to $60.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 30th. Raymond James increased their target price on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a research report on Wednesday, April 24th. JPMorgan Chase & Co. lowered their price target on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 24th. Finally, UBS Group increased their price objective on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a report on Tuesday, May 14th. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $52.93.

Get Our Latest Stock Analysis on Freeport-McMoRan

About Freeport-McMoRan

(Free Report)

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.

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

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