Bartlett & CO. Wealth Management LLC Sells 7,352 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Bartlett & CO. Wealth Management LLC lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 54.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,124 shares of the natural resource company's stock after selling 7,352 shares during the quarter. Bartlett & CO. Wealth Management LLC's holdings in Freeport-McMoRan were worth $232,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Canal Insurance CO lifted its stake in shares of Freeport-McMoRan by 12.2% during the 1st quarter. Canal Insurance CO now owns 170,000 shares of the natural resource company's stock valued at $6,436,000 after buying an additional 18,500 shares in the last quarter. Diversified Trust Co lifted its position in shares of Freeport-McMoRan by 8.7% during the first quarter. Diversified Trust Co now owns 6,438 shares of the natural resource company's stock worth $244,000 after acquiring an additional 514 shares in the last quarter. Perpetual Ltd lifted its holdings in Freeport-McMoRan by 71.7% during the 1st quarter. Perpetual Ltd now owns 2,947,227 shares of the natural resource company's stock worth $111,582,000 after purchasing an additional 1,230,520 shares in the last quarter. PDS Planning Inc boosted its stake in Freeport-McMoRan by 9.1% in the 1st quarter. PDS Planning Inc now owns 7,265 shares of the natural resource company's stock worth $275,000 after purchasing an additional 609 shares during the period. Finally, Beech Hill Advisors Inc. boosted its stake in Freeport-McMoRan by 6.4% in the 1st quarter. Beech Hill Advisors Inc. now owns 54,675 shares of the natural resource company's stock worth $2,070,000 after purchasing an additional 3,300 shares during the period. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $43.83 on Monday. The company's fifty day simple moving average is $39.22 and its two-hundred day simple moving average is $38.12. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The firm has a market cap of $62.99 billion, a PE ratio of 36.23, a price-to-earnings-growth ratio of 0.85 and a beta of 1.65. The company has a quick ratio of 1.13, a current ratio of 2.32 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.01. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. The company had revenue of $5.73 billion during the quarter, compared to analyst estimates of $5.36 billion. During the same period in the prior year, the business posted $0.32 earnings per share. Freeport-McMoRan's revenue for the quarter was down 9.4% on a year-over-year basis. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

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

Insider Activity

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the sale, the chief accounting officer now directly owns 48,333 shares in the company, valued at $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.79% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on FCX shares. Royal Bank Of Canada increased their target price on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Scotiabank upgraded Freeport-McMoRan from a "sector perform" rating to a "sector outperform" rating and boosted their target price for the stock from $43.00 to $48.00 in a research report on Monday, June 16th. Wolfe Research raised Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price target on the stock in a report on Wednesday, April 16th. Raymond James Financial reissued an "outperform" rating and set a $52.00 price objective on shares of Freeport-McMoRan in a report on Friday, April 25th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective on the stock in a research report on Thursday, March 6th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Freeport-McMoRan has an average rating of "Moderate Buy" and a consensus target price of $48.27.

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.

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