Freeport-McMoRan Inc. $FCX Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its holdings in Freeport-McMoRan Inc. by selling 9,733 shares, now owning a total of 320,518 shares valued at approximately $12.13 million.
• Freeport-McMoRan reported better-than-expected quarterly earnings with $0.54 EPS compared to the consensus estimate of $0.45, and revenue of $7.58 billion, exceeding expectations of $6.85 billion.
• The company announced a quarterly dividend of $0.15 per share, translating to an annual yield of 1.4% and a payout ratio of 22.73%.

Corebridge Financial Inc. lowered its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 2.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 320,518 shares of the natural resource company's stock after selling 9,733 shares during the quarter. Corebridge Financial Inc.'s holdings in Freeport-McMoRan were worth $12,135,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. City Holding Co. purchased a new stake in Freeport-McMoRan during the first quarter worth $33,000. Bernard Wealth Management Corp. purchased a new stake in Freeport-McMoRan during the fourth quarter worth $35,000. Dagco Inc. purchased a new stake in Freeport-McMoRan during the first quarter worth $37,000. Greykasell Wealth Strategies Inc. purchased a new stake in Freeport-McMoRan during the first quarter worth $42,000. Finally, Wolff Wiese Magana LLC boosted its holdings in 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 worth $44,000 after buying an additional 319 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Freeport-McMoRan

In other 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 transaction, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.75% of the company's stock.

Wall Street Analyst Weigh In

FCX has been the topic of a number of recent analyst reports. Stifel Nicolaus initiated coverage on shares of Freeport-McMoRan in a report on Wednesday, July 9th. They set a "buy" rating and a $56.00 price target on the stock. Scotiabank increased their price target on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the stock a "sector outperform" rating in a report on Wednesday, July 9th. BMO Capital Markets decreased their price objective on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating on the stock in a report on Thursday, July 24th. JPMorgan Chase & Co. increased their price objective on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the company an "overweight" rating in a report on Wednesday, July 9th. Finally, Wall Street Zen raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Two investment 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 stock. According to data from MarketBeat, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and an average target price of $51.00.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX traded up $0.05 during midday trading on Friday, hitting $44.42. The company's stock had a trading volume of 7,369,039 shares, compared to its average volume of 10,569,492. The business's 50 day simple moving average is $43.34 and its 200 day simple moving average is $39.64. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. The company has a market cap of $63.78 billion, a P/E ratio of 33.65, a price-to-earnings-growth ratio of 0.84 and a beta of 1.63. 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 posted its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.09. The firm had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company's revenue for the quarter was up 14.5% on a year-over-year basis. During the same period last year, the firm posted $0.46 earnings per share. On average, analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

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

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.