Freeport-McMoRan Inc. $FCX Shares Sold by Allstate Corp

Allstate Corp cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 20.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 134,272 shares of the natural resource company's stock after selling 34,219 shares during the quarter. Allstate Corp's holdings in Freeport-McMoRan were worth $8,444,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in FCX. Leigh Baldwin & CO. LLC lifted its stake in Freeport-McMoRan by 16.9% during the 2nd quarter. Leigh Baldwin & CO. LLC now owns 5,115 shares of the natural resource company's stock valued at $322,000 after acquiring an additional 739 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Freeport-McMoRan by 53.8% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,916,291 shares of the natural resource company's stock worth $120,516,000 after acquiring an additional 670,578 shares during the period. Arete Wealth Advisors LLC acquired a new stake in Freeport-McMoRan during the second quarter valued at $666,000. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Freeport-McMoRan by 1.4% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 9,970,872 shares of the natural resource company's stock valued at $627,068,000 after buying an additional 141,738 shares in the last quarter. Finally, Elevation Point Wealth Partners LLC increased its holdings in Freeport-McMoRan by 9.0% in the second quarter. Elevation Point Wealth Partners LLC now owns 32,089 shares of the natural resource company's stock valued at $2,018,000 after buying an additional 2,653 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on FCX shares. CICC Research lowered their target price on shares of Freeport-McMoRan from $64.40 to $63.40 and set an "outperform" rating on the stock in a research note on Tuesday, April 28th. Wall Street Zen downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Freeport-McMoRan in a report on Friday, May 15th. The Goldman Sachs Group reduced their price objective on shares of Freeport-McMoRan from $75.00 to $74.00 and set a "buy" rating for the company in a research report on Wednesday, July 8th. Finally, JPMorgan Chase & Co. increased their target price on Freeport-McMoRan from $73.00 to $77.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $70.27.

Insider Activity

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 4,773 shares of the company's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total transaction of $334,110.00. Following the transaction, the chief accounting officer directly owned 36,000 shares in the company, valued at $2,520,000. This represents a 11.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Stephen T. Higgins sold 14,277 shares of Freeport-McMoRan stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the completion of the sale, the chief accounting officer directly owned 54,618 shares of the company's stock, valued at $3,795,951. The trade was a 20.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 26,600 shares of company stock worth $1,802,012. 0.73% of the stock is owned by insiders.

Freeport-McMoRan Stock Up 0.0%

Shares of NYSE:FCX opened at $76.68 on Monday. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $77.33. The stock has a market cap of $110.11 billion, a P/E ratio of 37.77, a PEG ratio of 0.76 and a beta of 1.37. The business has a fifty day moving average of $64.55 and a two-hundred day moving average of $63.44. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.62 by $0.12. The business had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The company's quarterly revenue was down 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.54 EPS. On average, research analysts expect that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.4%. The ex-dividend date was Wednesday, July 15th. Freeport-McMoRan's payout ratio is 14.78%.

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.

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source