Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Hancock Whitney Corp

Hancock Whitney Corp lessened its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 21.9% in the second quarter, according to its most recent filing with the SEC. The firm owned 19,935 shares of the natural resource company’s stock after selling 5,603 shares during the quarter. Hancock Whitney Corp’s holdings in Freeport-McMoRan were worth $969,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Spectrum Wealth Counsel LLC acquired a new stake in shares of Freeport-McMoRan in the 2nd quarter worth approximately $25,000. Hazlett Burt & Watson Inc. boosted its stake in Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after purchasing an additional 480 shares in the last quarter. Lynx Investment Advisory acquired a new position in shares of Freeport-McMoRan during the 2nd quarter valued at $26,000. LRI Investments LLC acquired a new position in shares of Freeport-McMoRan during the 1st quarter valued at $26,000. Finally, RFP Financial Group LLC lifted its holdings in shares of Freeport-McMoRan by 261.3% in the second quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock valued at $29,000 after buying an additional 426 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on FCX shares. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Scotiabank dropped their price target on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday, August 19th. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Wednesday, September 18th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research report on Monday, June 10th. Four equities research 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 company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $52.79.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $44.53 on Monday. The firm has a fifty day moving average price of $43.55 and a two-hundred day moving average price of $47.23. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The company has a market cap of $63.97 billion, a PE ratio of 39.41, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.07. The firm had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.35 earnings per share. Analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were issued a dividend of $0.15 per share. The ex-dividend date was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.35%. Freeport-McMoRan’s payout ratio is presently 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.