Fifth Third Bancorp Reduces Position in Freeport-McMoRan Inc. (NYSE:FCX)

Fifth Third Bancorp decreased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 5.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 701,571 shares of the natural resource company's stock after selling 43,318 shares during the quarter. Fifth Third Bancorp's holdings in Freeport-McMoRan were worth $26,561,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Asset Planning Inc bought a new stake in Freeport-McMoRan during the 4th quarter valued at about $25,000. Mizuho Bank Ltd. bought a new stake in Freeport-McMoRan during the 4th quarter valued at about $26,000. Vision Financial Markets LLC bought a new stake in Freeport-McMoRan during the 4th quarter valued at about $27,000. Roxbury Financial LLC bought a new stake in Freeport-McMoRan during the 4th quarter valued at about $28,000. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in Freeport-McMoRan during the 4th quarter valued at about $29,000. Institutional investors own 80.77% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Dbs Bank upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Wolfe Research upgraded shares of Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price target for the company in a report on Wednesday, April 16th. Raymond James restated an "outperform" rating and issued a $52.00 price target on shares of Freeport-McMoRan in a report on Friday, April 25th. Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price target for the company in a report on Thursday, March 6th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Five 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 company. According to MarketBeat, Freeport-McMoRan presently has an average rating of "Moderate Buy" and an average target price of $47.82.

Insider Transactions at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the sale, the chief accounting officer now owns 48,333 shares of the company's stock, valued at approximately $1,934,286.66. The trade was a 15.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.75% of the company's stock.

Freeport-McMoRan Stock Down 0.8%

Shares of Freeport-McMoRan stock traded down $0.32 on Friday, reaching $40.86. The stock had a trading volume of 9,721,377 shares, compared to its average volume of 13,401,527. The company has a 50 day moving average price of $37.39 and a 200 day moving average price of $38.24. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61. The stock has a market capitalization of $58.72 billion, a P/E ratio of 31.68, a P/E/G ratio of 0.87 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.01. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The firm had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. During the same quarter in the previous year, the firm earned $0.32 EPS. The company's quarterly revenue was down 9.4% compared to the same quarter last year. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan's payout ratio is currently 24.79%.

Freeport-McMoRan 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.