Artemis Investment Management LLP Reduces Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Artemis Investment Management LLP lessened its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 38.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 158,954 shares of the natural resource company's stock after selling 97,441 shares during the quarter. Artemis Investment Management LLP's holdings in Freeport-McMoRan were worth $6,018,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Mizuho Bank Ltd. bought a new position in shares of Freeport-McMoRan in the 4th quarter valued at about $26,000. Vision Financial Markets LLC bought a new position in Freeport-McMoRan during the fourth quarter worth about $27,000. Kohmann Bosshard Financial Services LLC bought a new position in Freeport-McMoRan during the fourth quarter worth about $29,000. Coppell Advisory Solutions LLC grew its holdings in Freeport-McMoRan by 47.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock worth $32,000 after purchasing an additional 268 shares during the period. Finally, City Holding Co. acquired a new stake in Freeport-McMoRan during the first quarter worth approximately $33,000. Institutional investors own 80.77% of the company's stock.

Insider Transactions at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 8,584 shares of the business's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the completion of the sale, the chief accounting officer now directly owns 48,333 shares of the company's stock, valued at $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.75% of the stock is currently owned by insiders.

Freeport-McMoRan Trading Down 1.4%

FCX stock traded down $0.63 during midday trading on Friday, hitting $43.83. The stock had a trading volume of 13,658,987 shares, compared to its average volume of 13,406,734. The firm has a market cap of $62.99 billion, a P/E ratio of 36.23, a price-to-earnings-growth ratio of 0.85 and a beta of 1.64. The company has a current ratio of 2.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $52.61. The business has a fifty day moving average price of $39.22 and a two-hundred day moving average price of $38.15.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. The firm had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.36 billion. During the same quarter in the prior year, the business earned $0.32 earnings per share. The business's quarterly revenue was down 9.4% compared to the same quarter last year. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.37%. Freeport-McMoRan's dividend payout ratio is currently 24.79%.

Analyst Ratings Changes

Several brokerages have issued reports on FCX. Hsbc Global Res upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Wall Street Zen downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Tuesday, April 8th. Raymond James Financial reiterated an "outperform" rating and issued a $52.00 price target on shares of Freeport-McMoRan in a research report on Friday, April 25th. Royal Bank Of Canada lifted their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price target for the company in a research report on Thursday, March 6th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $48.27.

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.