Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Hennessy Advisors Inc.

Hennessy Advisors Inc. reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 5.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,420 shares of the natural resource company’s stock after selling 1,000 shares during the period. Hennessy Advisors Inc.’s holdings in Freeport-McMoRan were worth $819,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. 180 Wealth Advisors LLC lifted its stake in shares of Freeport-McMoRan by 4.2% in the 1st quarter. 180 Wealth Advisors LLC now owns 52,216 shares of the natural resource company’s stock worth $2,455,000 after acquiring an additional 2,128 shares during the period. Vanguard Capital Wealth Advisors lifted its stake in shares of Freeport-McMoRan by 15.5% in the 1st quarter. Vanguard Capital Wealth Advisors now owns 5,581 shares of the natural resource company’s stock worth $262,000 after acquiring an additional 750 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Freeport-McMoRan by 3.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 157,645 shares of the natural resource company’s stock worth $7,412,000 after acquiring an additional 4,547 shares during the period. Procyon Advisors LLC lifted its stake in shares of Freeport-McMoRan by 10.7% in the 1st quarter. Procyon Advisors LLC now owns 25,843 shares of the natural resource company’s stock worth $1,215,000 after acquiring an additional 2,493 shares during the period. Finally, Wealthcare Advisory Partners LLC lifted its stake in Freeport-McMoRan by 57.8% during the first quarter. Wealthcare Advisory Partners LLC now owns 9,709 shares of the natural resource company’s stock valued at $457,000 after purchasing an additional 3,557 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 0.6 %

Freeport-McMoRan stock opened at $48.60 on Friday. The firm has a market cap of $69.81 billion, a PE ratio of 43.01, a P/E/G ratio of 2.13 and a beta of 1.96. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35. The firm’s 50 day moving average price is $50.58 and its two-hundred day moving average price is $45.07. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data 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. The firm had revenue of $6.32 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.52 EPS. On average, research analysts predict that Freeport-McMoRan Inc. will post 1.73 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be paid a $0.15 dividend. The ex-dividend date is Monday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.23%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Analyst Ratings Changes

Several analysts recently commented on FCX shares. 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 note on Wednesday, April 24th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday, June 10th. Argus increased their target price on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. JPMorgan Chase & Co. cut their target price on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday, April 24th. Finally, HSBC increased their target price on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday, April 23rd. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $52.93.

Insider Transactions at Freeport-McMoRan

In other news, VP Douglas N. Currault II sold 55,000 shares of the stock in a transaction on Monday, April 29th. The shares were sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the transaction, the vice president now owns 164,067 shares in the company, valued at approximately $8,529,843.33. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Richard C. Adkerson sold 169,229 shares of the stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $50.56, for a total transaction of $8,556,218.24. Following the transaction, the chief executive officer now owns 3,707,249 shares in the company, valued at approximately $187,438,509.44. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Douglas N. Currault II sold 55,000 shares of the stock in a transaction on Monday, April 29th. The stock was sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the transaction, the vice president now owns 164,067 shares in the company, valued at approximately $8,529,843.33. The disclosure for this sale can be found here. Insiders have sold a total of 445,667 shares of company stock worth $22,755,070 in the last 90 days. 0.79% of the stock is owned by insiders.

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.