Freeport-McMoRan Inc. $FCX Shares Sold by Kestra Advisory Services LLC

Key Points

• Kestra Advisory Services LLC significantly reduced its stake in Freeport-McMoRan by 67.8%, now holding 85,621 shares valued at over $3.24 million.
• Freeport-McMoRan reported a 14.5% year-over-year revenue increase with earnings per share of $0.54, surpassing analyst estimates.
• The company declared a quarterly dividend of $0.15 per share, reflecting an annualized yield of 1.4% and a payout ratio of 22.73%.

Kestra Advisory Services LLC decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 67.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 85,621 shares of the natural resource company's stock after selling 180,628 shares during the quarter. Kestra Advisory Services LLC's holdings in Freeport-McMoRan were worth $3,242,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Freeport-McMoRan by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company's stock valued at $4,734,101,000 after acquiring an additional 1,822,987 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Freeport-McMoRan by 17.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company's stock valued at $1,421,549,000 after acquiring an additional 5,661,958 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Freeport-McMoRan by 13.7% during the 1st quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company's stock valued at $830,726,000 after acquiring an additional 2,642,810 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Freeport-McMoRan by 16.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company's stock valued at $498,270,000 after acquiring an additional 1,815,285 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Freeport-McMoRan by 21.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 11,968,781 shares of the natural resource company's stock valued at $453,138,000 after acquiring an additional 2,133,846 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Stock Down 1.0%

Shares of NYSE:FCX opened at $43.89 on Thursday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The firm has a market capitalization of $63.01 billion, a PE ratio of 33.25, a price-to-earnings-growth ratio of 0.84 and a beta of 1.63. The firm's 50-day moving average is $43.19 and its two-hundred day moving average is $39.55. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61.

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

Freeport-McMoRan Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on FCX. BMO Capital Markets lowered their price target on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating on the stock in a research report on Thursday, July 24th. Morgan Stanley lowered shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and boosted their price objective for the company from $45.00 to $54.00 in a report on Tuesday, July 15th. Stifel Nicolaus started coverage on shares of Freeport-McMoRan in a report on Wednesday, July 9th. They issued a "buy" rating and a $56.00 price objective on the stock. Scotiabank boosted 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, Stifel Canada upgraded shares of Freeport-McMoRan to a "strong-buy" rating in a report on Tuesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of "Moderate Buy" and an average price target of $51.00.

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 dated 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 directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.75% of the stock is owned by company insiders.

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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