Cape ANN Savings Bank Has $291,000 Position in Freeport-McMoRan Inc. $FCX

Key Points

• Cape ANN Savings Bank reduced its position in Freeport-McMoRan by 47.3%, holding 7,685 shares valued at $291,000 at the end of the last quarter.
• Freeport-McMoRan's quarterly earnings beat expectations, reporting $0.54 EPS against a consensus estimate of $0.45, and a revenue increase of 14.5% year-over-year.
• The company declared a quarterly dividend of $0.15, resulting in an annualized dividend of $0.60 and a dividend yield of 1.4%.

Cape ANN Savings Bank cut its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 47.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,685 shares of the natural resource company's stock after selling 6,899 shares during the quarter. Cape ANN Savings Bank's holdings in Freeport-McMoRan were worth $291,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. City Holding Co. bought a new position in Freeport-McMoRan during the 1st quarter worth $33,000. Bernard Wealth Management Corp. bought a new stake in shares of Freeport-McMoRan during the 4th quarter worth $35,000. Dagco Inc. bought a new position in Freeport-McMoRan during the first quarter valued at $37,000. Greykasell Wealth Strategies Inc. bought a new position in Freeport-McMoRan in the 1st quarter worth approximately $42,000. Finally, Wolff Wiese Magana LLC increased its position in shares of Freeport-McMoRan by 38.2% during the first quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company's stock valued at $44,000 after buying an additional 319 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Stock Down 1.0%

Freeport-McMoRan stock opened at $43.89 on Thursday. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61. The business has a 50 day simple moving average of $43.19 and a 200-day simple moving average of $39.55. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The stock has a market capitalization of $63.01 billion, a PE ratio of 33.25, a price-to-earnings-growth ratio of 0.84 and a beta of 1.63.

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

Freeport-McMoRan Dividend Announcement

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

Wall Street Analyst Weigh In

FCX has been the subject of a number of recent research reports. Scotiabank boosted their target price on Freeport-McMoRan from $48.00 to $52.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, July 9th. Morgan Stanley cut Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and increased their target price for the stock from $45.00 to $54.00 in a research note on Tuesday, July 15th. BMO Capital Markets lowered their price target on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating on the stock in a report on Thursday, July 24th. Hsbc Global Res downgraded Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 22nd. Finally, Stifel Canada upgraded Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.00.

Insider Buying and Selling at Freeport-McMoRan

In other 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 value of $343,531.68. Following the completion of the transaction, the chief accounting officer directly owned 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 through the SEC website. 0.75% of the stock is currently owned by company insiders.

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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