Private Advisor Group LLC Has $2.38 Million Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Private Advisor Group LLC decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 10.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,827 shares of the natural resource company’s stock after selling 7,190 shares during the quarter. Private Advisor Group LLC’s holdings in Freeport-McMoRan were worth $2,379,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Wellington Management Group LLP grew its holdings in Freeport-McMoRan by 237.4% during 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 purchasing an additional 6,486,011 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Freeport-McMoRan by 21.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company’s stock valued at $1,214,203,000 after purchasing an additional 5,735,171 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Freeport-McMoRan by 38.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company’s stock valued at $619,682,000 after purchasing an additional 4,488,210 shares during the period. Bank of New York Mellon Corp grew its holdings in Freeport-McMoRan by 13.7% during the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock valued at $830,726,000 after purchasing an additional 2,642,810 shares during the period. Finally, Franklin Resources Inc. grew its holdings in Freeport-McMoRan by 8.0% during the fourth quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company’s stock valued at $1,123,445,000 after purchasing an additional 2,191,926 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 0.5%

Shares of NYSE:FCX opened at $44.61 on Friday. The company’s 50-day moving average price is $42.17 and its two-hundred day moving average price is $38.90. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $52.61. The stock has a market capitalization of $64.10 billion, a PE ratio of 33.79, a price-to-earnings-growth ratio of 0.83 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The firm had revenue of $7.58 billion for the quarter, compared to analysts’ expectations of $6.85 billion. During the same period in the previous year, the firm posted $0.46 EPS. The company’s revenue for the quarter was up 14.5% on a year-over-year basis. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.35%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 24.79%.

Insider Buying and Selling

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the business’s stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the sale, the chief accounting officer directly owned 48,333 shares of the company’s stock, valued at $1,934,286.66. The trade was a 15.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.75% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Citigroup boosted their price objective on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. Raymond James Financial restated an “outperform” rating and set a $52.00 price objective on shares of Freeport-McMoRan in a report on Friday, April 25th. Royal Bank Of Canada boosted 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. UBS Group cut shares of Freeport-McMoRan from a “buy” rating to a “neutral” rating and upped their price target for the company from $45.00 to $50.00 in a report on Friday, July 11th. Finally, JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the company an “overweight” rating in a report on Wednesday, July 9th. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $51.00.

Freeport-McMoRan Company 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.