Canal Insurance CO Cuts Position in Freeport-McMoRan Inc. $FCX

Key Points

• Canal Insurance CO reduced its Freeport-McMoRan stake by 25% in the first quarter, selling 50,000 shares and ending with 150,000 shares worth about $8.8 million.
• Freeport-McMoRan reported better-than-expected quarterly results, with EPS of $0.57 versus $0.47 expected and revenue of $6.23 billion, up 8.8% year over year.
• The company announced a quarterly dividend of $0.075 per share, payable on August 3, while analysts broadly remain constructive with a consensus rating of Moderate Buy and an average price target of $68.63.

Canal Insurance CO lessened its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 25.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 150,000 shares of the natural resource company's stock after selling 50,000 shares during the quarter. Freeport-McMoRan accounts for approximately 1.9% of Canal Insurance CO's portfolio, making the stock its 17th largest holding. Canal Insurance CO's holdings in Freeport-McMoRan were worth $8,817,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL bought a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $25,000. Steph & Co. raised its holdings in shares of Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company's stock valued at $29,000 after buying an additional 150 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $29,000. SHP Wealth Management bought a new stake in Freeport-McMoRan in the 4th quarter worth approximately $30,000. Finally, JPL Wealth Management LLC bought a new stake in Freeport-McMoRan in the 3rd quarter worth approximately $33,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Trading Down 2.5%

Shares of FCX stock opened at $59.98 on Tuesday. The business has a 50-day moving average of $63.89 and a 200 day moving average of $61.79. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28. The stock has a market capitalization of $86.23 billion, a PE ratio of 31.91, a P/E/G ratio of 0.62 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping analysts' consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business had revenue of $6.23 billion for the quarter, compared to analysts' expectations of $5.73 billion. During the same period in the previous year, the firm earned $0.24 EPS. The business's quarterly revenue was up 8.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 2.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be issued a $0.075 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan's dividend payout ratio (DPR) is currently 15.96%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on FCX shares. HSBC upped their target price on Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. Wall Street Zen upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Saturday, June 13th. Sanford C. Bernstein upped their price objective on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a "market perform" rating in a research note on Wednesday, June 10th. Weiss Ratings lowered shares of Freeport-McMoRan from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, July 7th. Finally, UBS Group increased their target price on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $68.63.

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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