Avanza Fonder AB Reduces Position in Freeport-McMoRan Inc. (NYSE:FCX)

Avanza Fonder AB trimmed its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 14.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 128,981 shares of the natural resource company's stock after selling 22,647 shares during the period. Avanza Fonder AB's holdings in Freeport-McMoRan were worth $4,927,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Brighton Jones LLC boosted its stake 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 worth $564,000 after purchasing an additional 2,882 shares during the period. Strategic Financial Concepts LLC bought a new stake in Freeport-McMoRan in the fourth quarter worth about $2,102,000. Apollon Wealth Management LLC boosted its position in shares of Freeport-McMoRan by 5.5% during the fourth quarter. Apollon Wealth Management LLC now owns 39,486 shares of the natural resource company's stock valued at $1,504,000 after buying an additional 2,055 shares during the period. Stephens Inc. AR grew its stake in shares of Freeport-McMoRan by 4.8% during the fourth quarter. Stephens Inc. AR now owns 54,429 shares of the natural resource company's stock valued at $2,073,000 after buying an additional 2,493 shares during the last quarter. Finally, Kestra Private Wealth Services LLC increased its stake in Freeport-McMoRan by 5.4% in the fourth quarter. Kestra Private Wealth Services LLC now owns 61,740 shares of the natural resource company's stock worth $2,351,000 after purchasing an additional 3,167 shares during the period. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Stock Down 0.8%

FCX traded down $0.32 on Friday, hitting $40.86. The company had a trading volume of 9,721,377 shares, compared to its average volume of 13,377,352. The stock has a market capitalization of $58.72 billion, a price-to-earnings ratio of 31.68, a P/E/G ratio of 0.87 and a beta of 1.64. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The stock has a fifty day moving average price of $37.16 and a 200-day moving average price of $38.30. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.01. The business had revenue of $5.73 billion for the quarter, compared to analysts' expectations of $5.36 billion. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The company's revenue was down 9.4% compared to the same quarter last year. During the same period last year, the business earned $0.32 EPS. Analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan's payout ratio is presently 24.79%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on FCX shares. JPMorgan Chase & Co. lowered their price objective on shares of Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Wall Street Zen lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Tuesday, April 8th. Scotiabank increased their price objective on Freeport-McMoRan from $40.00 to $43.00 and gave the stock a "sector perform" rating in a research note on Wednesday, May 14th. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 target price for the company in a research report on Thursday, March 6th. Finally, Dbs Bank raised Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of "Moderate Buy" and a consensus target price of $47.82.

Insider Transactions at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the business's stock in a transaction 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 transaction, the chief accounting officer now directly owns 48,333 shares in the company, valued at $1,934,286.66. The trade was a 15.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.75% of the company's stock.

Freeport-McMoRan Company 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.