Financial Management Professionals Inc. Trims Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Financial Management Professionals Inc. cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 15.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,434 shares of the natural resource company’s stock after selling 254 shares during the quarter. Financial Management Professionals Inc.’s holdings in Freeport-McMoRan were worth $67,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Capital Insight Partners LLC increased its position in shares of Freeport-McMoRan by 18.0% during the first quarter. Capital Insight Partners LLC now owns 11,813 shares of the natural resource company’s stock worth $555,000 after acquiring an additional 1,803 shares during the period. Artemis Investment Management LLP increased its position in shares of Freeport-McMoRan by 0.7% during the first quarter. Artemis Investment Management LLP now owns 121,158 shares of the natural resource company’s stock worth $5,694,000 after acquiring an additional 825 shares during the period. Indiana Trust & Investment Management CO increased its position in shares of Freeport-McMoRan by 20.4% during the first quarter. Indiana Trust & Investment Management CO now owns 11,401 shares of the natural resource company’s stock worth $536,000 after acquiring an additional 1,935 shares during the period. Fifth Third Wealth Advisors LLC purchased a new position in shares of Freeport-McMoRan during the first quarter worth approximately $657,000. Finally, 180 Wealth Advisors LLC increased its position in shares of Freeport-McMoRan by 4.2% during the first 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. 80.77% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Freeport-McMoRan

In other news, CEO Richard C. Adkerson sold 169,229 shares of Freeport-McMoRan 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 completion of the sale, the chief executive officer now directly owns 3,707,249 shares in the company, valued at $187,438,509.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, VP Douglas N. Currault II sold 55,000 shares of the business’s 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 completion of the transaction, the vice president now directly owns 164,067 shares in the company, valued at $8,529,843.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Richard C. Adkerson sold 169,229 shares of the business’s 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 of the company’s stock, valued at $187,438,509.44. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 445,667 shares of company stock worth $22,755,070. Company insiders own 0.79% of the company’s stock.

Freeport-McMoRan Trading Up 0.6 %

NYSE:FCX opened at $48.60 on Friday. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The firm has a fifty day simple moving average of $50.58 and a 200-day simple moving average of $45.12. The company has a current ratio of 2.35, a quick ratio of 1.41 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $69.81 billion, a P/E ratio of 43.01, a PEG ratio of 1.99 and a beta of 1.96.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping 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 business had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same period in the previous year, the firm posted $0.52 earnings per share. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.73 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders 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 annualized dividend and a dividend yield of 1.23%. Freeport-McMoRan’s payout ratio is currently 26.55%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FCX. Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $49.50 to $62.00 in a report on Friday, June 21st. Bernstein Bank lifted their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a report on Tuesday, April 23rd. HSBC lifted their price objective on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a report on Tuesday, April 23rd. UBS Group lifted 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. Finally, JPMorgan Chase & Co. cut their price objective on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, April 24th. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $52.93.

About Freeport-McMoRan

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.