Annex Advisory Services LLC Sells 36,406 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Annex Advisory Services reduced its Freeport-McMoRan stake by 4.6%, selling 36,406 shares and retaining 756,244 shares valued at approximately $47.6 million. Institutional investors collectively own 80.77% of FCX.
• Analyst sentiment remains positive, with one Strong Buy, 19 Buy and three Hold ratings; the stock has a consensus “Moderate Buy” rating and a $70.27 average price target.
• Freeport-McMoRan exceeded quarterly expectations, reporting $0.74 in earnings per share versus $0.62 expected and $7.03 billion in revenue. However, insiders sold 26,600 shares worth about $1.8 million over the past 90 days.

Annex Advisory Services LLC decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 4.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 756,244 shares of the natural resource company's stock after selling 36,406 shares during the quarter. Annex Advisory Services LLC owned 0.05% of Freeport-McMoRan worth $47,560,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Steph & Co. lifted its position in Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company's stock valued at $29,000 after acquiring an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC purchased a new stake in Freeport-McMoRan during the 1st quarter valued at $29,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth $25,000. Kemnay Advisory Services Inc. bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth $29,000. Finally, Financial Life Planners purchased a new position in shares of Freeport-McMoRan in the first quarter worth $34,000. Institutional investors own 80.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Wells Fargo & Company upped their price target on Freeport-McMoRan from $68.00 to $70.00 and gave the company an "overweight" rating in a report on Friday, July 24th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. BMO Capital Markets restated an "outperform" rating and set a $78.00 target price on shares of Freeport-McMoRan in a research note on Thursday, July 23rd. Raymond James Financial dropped their price target on shares of Freeport-McMoRan from $72.00 to $68.00 and set an "outperform" rating on the stock in a report on Friday, April 24th. Finally, Scotiabank lifted their price target on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a "sector outperform" rating in a research note on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of "Moderate Buy" and a consensus price target of $70.27.

Insider Transactions at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 4,773 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total value of $334,110.00. Following the transaction, the chief accounting officer owned 36,000 shares in the company, valued at $2,520,000. This represents a 11.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Stephen T. Higgins sold 14,277 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total transaction of $992,251.50. Following the completion of the transaction, the chief accounting officer directly owned 54,618 shares in the company, valued at approximately $3,795,951. The trade was a 20.72% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 26,600 shares of company stock valued at $1,802,012. Corporate insiders own 0.73% of the company's stock.

Freeport-McMoRan Stock Performance

FCX stock opened at $68.83 on Wednesday. The company has a market cap of $98.94 billion, a P/E ratio of 33.90, a price-to-earnings-growth ratio of 0.71 and a beta of 1.37. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The stock's fifty day moving average price is $64.04 and its 200-day moving average price is $63.01.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, beating analysts' consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The company had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.62 billion. During the same quarter in the prior year, the business earned $0.54 earnings per share. Freeport-McMoRan's revenue for the quarter was down 7.3% compared to the same quarter last year. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 2.76 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Wednesday, July 15th. Freeport-McMoRan's payout ratio is currently 14.78%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

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