Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Atria Wealth Solutions Inc.

Key Points

• Atria Wealth Solutions Inc. has reduced its stake in Freeport-McMoRan Inc. by 10% this year, currently holding 62,350 shares valued at approximately $2.36 million.
• Several institutional investors, including Price T Rowe Associates and Deutsche Bank AG, have increased their holdings in Freeport-McMoRan, indicating strong institutional interest.
• Freeport-McMoRan recently reported earnings of $0.54 EPS, surpassing estimates, and announced a quarterly dividend of $0.15 per share, reflecting a 1.4% dividend yield.

Atria Wealth Solutions Inc. lowered its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 10.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 62,350 shares of the natural resource company's stock after selling 6,908 shares during the period. Atria Wealth Solutions Inc.'s holdings in Freeport-McMoRan were worth $2,361,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Coppell Advisory Solutions LLC boosted its stake in Freeport-McMoRan by 47.4% in the 4th 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 in the last quarter. Kestra Private Wealth Services LLC boosted its stake in Freeport-McMoRan by 0.4% in the 1st quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company's stock worth $2,348,000 after purchasing an additional 275 shares in the last quarter. Princeton Capital Management LLC boosted its stake in Freeport-McMoRan by 1.1% in the 1st quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company's stock worth $984,000 after purchasing an additional 275 shares in the last quarter. Capital Investment Advisory Services LLC boosted its stake in Freeport-McMoRan by 3.2% in the 1st quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company's stock worth $345,000 after purchasing an additional 278 shares in the last quarter. Finally, Sargent Investment Group LLC boosted its stake in Freeport-McMoRan by 2.8% in the 1st quarter. Sargent Investment Group LLC now owns 10,421 shares of the natural resource company's stock worth $395,000 after purchasing an additional 285 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

Insiders Place Their Bets

In related 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 transaction, 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 legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.79% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Scotiabank raised their price target on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, July 9th. Wall Street Zen raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Stifel Canada raised shares of Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday, July 8th. Wolfe Research raised shares of Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price target for the company in a research report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. raised their price target on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Eight research 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 stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $51.00.

Freeport-McMoRan Price Performance

NYSE:FCX traded up $0.64 during trading hours on Tuesday, reaching $42.10. 12,545,681 shares of the company were exchanged, compared to its average volume of 16,040,571. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The stock's 50-day moving average is $42.91 and its 200-day moving average is $39.09. The firm has a market cap of $60.50 billion, a PE ratio of 31.89, a price-to-earnings-growth ratio of 0.77 and a beta of 1.63. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $52.61.

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

Freeport-McMoRan Dividend Announcement

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

Freeport-McMoRan Profile

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.