Free Trial

Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Diamond Hill Capital Management Inc.

Freeport-McMoRan logo with Basic Materials background

Diamond Hill Capital Management Inc. trimmed its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 83.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,299,600 shares of the natural resource company's stock after selling 6,573,374 shares during the quarter. Diamond Hill Capital Management Inc. owned approximately 0.09% of Freeport-McMoRan worth $49,203,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP boosted its holdings in shares of Freeport-McMoRan by 237.4% in the fourth quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock valued at $351,041,000 after purchasing an additional 6,486,011 shares during the period. Price T Rowe Associates Inc. MD raised its position in Freeport-McMoRan by 21.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock valued at $1,214,203,000 after purchasing an additional 5,735,171 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Freeport-McMoRan by 38.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company's stock worth $619,682,000 after buying an additional 4,488,210 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Freeport-McMoRan by 13.7% in the 1st quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company's stock worth $830,726,000 after buying an additional 2,642,810 shares during the period. Finally, Franklin Resources Inc. grew its position in shares of Freeport-McMoRan by 8.0% during the 4th quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock worth $1,123,445,000 after buying an additional 2,191,926 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the sale, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at approximately $1,934,286.66. This represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.75% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Raymond James Financial restated an "outperform" rating and issued a $52.00 price objective on shares of Freeport-McMoRan in a report on Friday, April 25th. Morgan Stanley lowered shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and boosted their price target for the company from $45.00 to $54.00 in a report on Tuesday, July 15th. Jefferies Financial Group reiterated a "buy" rating and set a $50.00 price objective (up from $48.00) on shares of Freeport-McMoRan in a research note on Friday, April 25th. Scotiabank lifted their price objective on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a report on Wednesday, July 9th. Finally, Citigroup upped their target price on Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Eight 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 stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $51.00.

View Our Latest Stock Report on Freeport-McMoRan

Freeport-McMoRan Stock Down 0.5%

NYSE FCX traded down $0.23 during trading on Thursday, hitting $44.61. The company's stock had a trading volume of 13,221,289 shares, compared to its average volume of 16,348,872. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The company has a market cap of $64.10 billion, a PE ratio of 33.79, a P/E/G ratio of 0.83 and a beta of 1.64. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.13. The business's 50 day simple moving average is $42.17 and its 200-day simple moving average is $38.90.

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

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.35%. Freeport-McMoRan's dividend payout ratio (DPR) is 24.79%.

Freeport-McMoRan Company Profile

(Free Report)

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.

Recommended Stories

Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

Should You Invest $1,000 in Freeport-McMoRan Right Now?

Before you consider Freeport-McMoRan, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Freeport-McMoRan wasn't on the list.

While Freeport-McMoRan currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Beginner's Guide To Retirement Stocks Cover

Enter your email address and we'll send you MarketBeat's list of seven best retirement stocks and why they should be in your portfolio.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

Joby vs. Archer: The $10 Billion eVTOL Battle
3 Small-Cap Biotech Stocks With Catalysts Too Big to Ignore
AI Stocks Are Printing Money — These 3 Are Just Getting Started

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines