Allstate Corp Has $1.13 Million Stake in Freeport-McMoRan Inc. $FCX

Key Points

• Allstate Corp reduced its stake in Freeport-McMoRan Inc. by 27.8%, holding 29,767 shares worth approximately $1.127 million after selling 11,479 shares in the first quarter.
• Several hedge funds increased their positions in Freeport-McMoRan during the same period, with Nuveen LLC purchasing a new position valued at $366.96 million.
• Freeport-McMoRan reported better-than-expected earnings of $0.54 EPS for the last quarter, exceeding estimates and achieving revenue of $7.58 billion, up 14.5% from the previous year.

Allstate Corp trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 27.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,767 shares of the natural resource company's stock after selling 11,479 shares during the quarter. Allstate Corp's holdings in Freeport-McMoRan were worth $1,127,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in FCX. Brighton Jones LLC lifted its holdings in shares of Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock valued at $564,000 after buying an additional 2,882 shares during the last quarter. Bank Pictet & Cie Europe AG raised its stake in shares of Freeport-McMoRan by 27.2% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 540,046 shares of the natural resource company's stock valued at $20,565,000 after acquiring an additional 115,552 shares in the last quarter. OneDigital Investment Advisors LLC raised its stake in shares of Freeport-McMoRan by 5.4% in the 4th quarter. OneDigital Investment Advisors LLC now owns 15,191 shares of the natural resource company's stock valued at $578,000 after acquiring an additional 780 shares in the last quarter. MGO One Seven LLC raised its stake in shares of Freeport-McMoRan by 103.1% in the 4th quarter. MGO One Seven LLC now owns 16,299 shares of the natural resource company's stock valued at $621,000 after acquiring an additional 8,273 shares in the last quarter. Finally, Coppell Advisory Solutions LLC raised its stake in shares of Freeport-McMoRan by 47.4% in the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock valued at $32,000 after acquiring an additional 268 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FCX has been the topic of a number of recent analyst reports. Royal Bank Of Canada raised their price objective on Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. BMO Capital Markets cut their price objective on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating on the stock in a research note on Thursday, July 24th. UBS Group downgraded Freeport-McMoRan from a "buy" rating to a "neutral" rating and raised their price objective for the company from $45.00 to $50.00 in a research note on Friday, July 11th. Morgan Stanley downgraded Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and raised their price objective for the company from $45.00 to $54.00 in a research note on Tuesday, July 15th. Finally, Hsbc Global Res downgraded Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $51.00.

Freeport-McMoRan Stock Performance

Shares of FCX traded up $0.56 on Thursday, reaching $44.43. 9,184,311 shares of the stock traded hands, compared to its average volume of 15,563,319. The firm has a market cap of $63.78 billion, a price-to-earnings ratio of 33.66, a P/E/G ratio of 0.84 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61. The stock's 50-day moving average price is $43.19 and its 200-day moving average price is $39.55.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. The business had revenue of $7.58 billion for the quarter, compared to analysts' expectations of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.Freeport-McMoRan's quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.46 earnings per share. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were given a dividend of $0.15 per share. The ex-dividend date was Tuesday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. Freeport-McMoRan's payout ratio is currently 22.73%.

Insider Activity

In other news, CAO Ellie L. Mikes sold 8,584 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was 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 in the company, valued at approximately $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.75% of the company's stock.

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.