Park Place Capital Corp Sells 278 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Park Place Capital Corp cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 17.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,285 shares of the natural resource company’s stock after selling 278 shares during the period. Park Place Capital Corp’s holdings in Freeport-McMoRan were worth $60,000 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in the business. Boston Partners boosted its stake in Freeport-McMoRan by 13,248.4% during the fourth quarter. Boston Partners now owns 5,351,630 shares of the natural resource company’s stock worth $227,747,000 after buying an additional 5,311,538 shares in the last quarter. AustralianSuper Pty Ltd acquired a new position in Freeport-McMoRan during the fourth quarter valued at approximately $66,993,000. TD Asset Management Inc increased its stake in Freeport-McMoRan by 35.0% in the fourth quarter. TD Asset Management Inc now owns 5,777,840 shares of the natural resource company’s stock valued at $245,963,000 after purchasing an additional 1,498,259 shares in the last quarter. Penserra Capital Management LLC increased its stake in Freeport-McMoRan by 16,058.7% in the third quarter. Penserra Capital Management LLC now owns 1,500,338 shares of the natural resource company’s stock valued at $55,947,000 after purchasing an additional 1,491,053 shares in the last quarter. Finally, International Assets Investment Management LLC increased its stake in Freeport-McMoRan by 4,857.7% in the fourth quarter. International Assets Investment Management LLC now owns 1,324,452 shares of the natural resource company’s stock valued at $56,382,000 after purchasing an additional 1,297,737 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on FCX shares. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research report on Monday, June 10th. 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 report on Wednesday, April 24th. Argus lifted their target price on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. Scotiabank boosted their price target on Freeport-McMoRan from $53.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 30th. Finally, StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. 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 company. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $52.93.

Insider Buying and Selling

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $50.35, for a total value of $2,153,318.45. Following the sale, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,255,381.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CAO Stephen T. Higgins sold 42,767 shares of the business’s 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 owns 104,377 shares in the company, valued at approximately $5,255,381.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 sale, the vice president now owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The disclosure for this sale can be found here. Insiders sold a total of 445,667 shares of company stock valued at $22,755,070 in the last three months. Insiders own 0.79% of the company’s stock.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $48.42 on Tuesday. The business has a 50 day moving average of $50.56 and a 200-day moving average of $45.21. The company has a market capitalization of $69.55 billion, a P/E ratio of 42.85, a P/E/G ratio of 1.99 and a beta of 1.92. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24. 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:FCX) last announced its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.05. The firm 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 was up 17.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 EPS. On average, equities research analysts predict that Freeport-McMoRan Inc. will post 1.74 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Monday, July 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.24%. The ex-dividend date of this dividend is Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

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.