Sumitomo Mitsui Financial Group Inc. Trims Holdings in Freeport-McMoRan Inc. $FCX

Key Points

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Sumitomo Mitsui Financial Group Inc. reduced its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 73.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,000 shares of the natural resource company's stock after selling 11,000 shares during the quarter. Sumitomo Mitsui Financial Group Inc.'s holdings in Freeport-McMoRan were worth $154,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Coppell Advisory Solutions LLC increased its position in Freeport-McMoRan by 47.4% during the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock valued at $32,000 after purchasing an additional 268 shares during the period. City Holding Co. purchased a new stake in shares of Freeport-McMoRan in the 1st quarter worth about $33,000. Bernard Wealth Management Corp. purchased a new stake in shares of Freeport-McMoRan in the 4th quarter worth about $35,000. Dagco Inc. purchased a new stake in shares of Freeport-McMoRan in the 1st quarter worth about $37,000. Finally, Greykasell Wealth Strategies Inc. purchased a new stake in shares of Freeport-McMoRan in the 1st quarter worth about $42,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction that occurred 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 transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.75% of the stock is owned by company insiders.

Freeport-McMoRan Stock Performance

FCX traded up $1.52 during midday trading on Friday, hitting $43.24. 10,819,626 shares of the company traded hands, compared to its average volume of 15,692,073. The company's 50-day moving average is $43.00 and its 200 day moving average is $39.37. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $62.08 billion, a PE ratio of 32.76, a price-to-earnings-growth ratio of 0.79 and a beta of 1.63.

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

Freeport-McMoRan Announces Dividend

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

Analyst Ratings Changes

A number of research firms have recently weighed in on FCX. Wall Street Zen raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Morgan Stanley downgraded shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and upped their target price for the stock from $45.00 to $54.00 in a research report on Tuesday, July 15th. Scotiabank upped their target price on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, July 9th. Citigroup increased their price objective on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of "Moderate Buy" and an average price target of $51.00.

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.