Freeport-McMoRan Inc. $FCX Shares Sold by Freestone Capital Holdings LLC

Key Points

• Freestone Capital Holdings LLC has reduced its stake in Freeport-McMoRan Inc. (NYSE: FCX) by 10.0%, now owning 59,768 shares worth approximately $2.26 million after selling 6,631 shares in the 1st quarter.
• Analysts have mixed ratings for Freeport-McMoRan, with the consensus rating at "Moderate Buy" and a consensus price target of $51.00.
• The company reported a $0.54 EPS for the last quarter, exceeding expectations, along with a revenue increase of 14.5% from the previous year.

Freestone Capital Holdings LLC decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 10.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 59,768 shares of the natural resource company's stock after selling 6,631 shares during the quarter. Freestone Capital Holdings LLC's holdings in Freeport-McMoRan were worth $2,263,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of FCX. Coppell Advisory Solutions LLC raised its stake in Freeport-McMoRan by 47.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock valued at $32,000 after buying an additional 268 shares in the last quarter. City Holding Co. acquired a new stake in Freeport-McMoRan during the first quarter valued at approximately $33,000. Bernard Wealth Management Corp. acquired a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $35,000. Dagco Inc. acquired a new stake in Freeport-McMoRan during the first quarter valued at approximately $37,000. Finally, Greykasell Wealth Strategies Inc. acquired a new stake in Freeport-McMoRan during the first quarter valued at approximately $42,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on FCX shares. Royal Bank Of Canada upped their price objective on Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. BMO Capital Markets lowered their target price on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a report on Thursday, July 24th. Bank of America reaffirmed a "neutral" rating and set a $56.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 9th. Wall Street Zen raised Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Finally, UBS Group lowered Freeport-McMoRan from a "buy" rating to a "neutral" rating and upped their target price for the company from $45.00 to $50.00 in a report on Friday, July 11th. Eight analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $51.00.

Insider Activity

In other news, CAO Ellie L. Mikes sold 8,584 shares of the 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 sale, the chief accounting officer owned 48,333 shares in the company, valued at $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 is available at this link. 0.79% of the stock is owned by insiders.

Freeport-McMoRan Stock Performance

FCX opened at $42.29 on Monday. The company has a market capitalization of $60.72 billion, a price-to-earnings ratio of 32.04, a price-to-earnings-growth ratio of 0.80 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $52.61. The business has a 50 day moving average price of $43.01 and a two-hundred day moving average price of $39.26.

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

Freeport-McMoRan Announces Dividend

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

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.

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