Freeport-McMoRan Inc. $FCX Stock: Villere ST Denis J & Co. LLC Trims Position

Key Points

• Villere ST Denis J & Co. cut its Freeport-McMoRan stake by 5.1% in the third quarter, selling 21,754 shares; it retained 402,643 shares valued at about $28.2 million.
• Freeport-McMoRan beat quarterly estimates, reporting earnings of $0.88 per share versus $0.82 expected and revenue of $7.55 billion, up 8.2% year over year.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $75.30. The company’s quarterly dividend was $0.075 per share, equivalent to a 0.5% annualized yield.

Villere ST Denis J & Co. LLC trimmed its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 5.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 402,643 shares of the natural resource company's stock after selling 21,754 shares during the period. Freeport-McMoRan accounts for approximately 2.9% of Villere ST Denis J & Co. LLC's holdings, making the stock its 10th largest holding. Villere ST Denis J & Co. LLC's holdings in Freeport-McMoRan were worth $28,185,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. NBH Bank purchased a new stake in Freeport-McMoRan in the second quarter valued at approximately $28,000. REAP Financial Group LLC acquired a new position in Freeport-McMoRan during the third quarter worth approximately $32,000. Cassaday & Co Wealth Management LLC acquired a new position in Freeport-McMoRan during the first quarter worth approximately $29,000. Joseph Group Capital Management increased its position in Freeport-McMoRan by 68.2% during the third quarter. Joseph Group Capital Management now owns 587 shares of the natural resource company's stock worth $41,000 after purchasing an additional 238 shares during the last quarter. Finally, Roxbury Financial LLC raised its stake in Freeport-McMoRan by 196.5% during the second quarter. Roxbury Financial LLC now owns 593 shares of the natural resource company's stock worth $37,000 after purchasing an additional 393 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Freeport-McMoRan news, EVP Douglas N. Currault II sold 80,000 shares of the business's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total value of $6,284,800.00. Following the sale, the executive vice president directly owned 211,016 shares in the company, valued at approximately $16,577,416.96. The trade was a 27.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lydia H. Kennard sold 3,798 shares of the firm's stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $79.11, for a total transaction of $300,459.78. Following the sale, the director owned 122,702 shares of the company's stock, valued at $9,706,955.22. The trade was a 3.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.73% of the company's stock.

Freeport-McMoRan Stock Up 5.0%

Shares of NYSE:FCX opened at $62.38 on Tuesday. Freeport-McMoRan Inc. has a 52-week low of $38.85 and a 52-week high of $80.24. The company has a 50 day moving average of $69.56 and a two-hundred day moving average of $65.28. The company has a quick ratio of 0.91, a current ratio of 2.02 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $89.58 billion, a price-to-earnings ratio of 26.21, a price-to-earnings-growth ratio of 0.58 and a beta of 1.38.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Tuesday, October 27th. The natural resource company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.82 by $0.06. Freeport-McMoRan had a net margin of 13.03% and a return on equity of 12.09%. The business had revenue of $7.55 billion for the quarter, compared to analysts' expectations of $7.36 billion. During the same quarter last year, the company posted $0.50 earnings per share. The company's quarterly revenue was up 8.2% compared to the same quarter last year. As a group, analysts forecast that Freeport-McMoRan Inc. will post 3.02 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 2nd. Investors of record on Thursday, October 15th were paid a dividend of $0.0750 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Thursday, October 15th. Freeport-McMoRan's payout ratio is currently 12.61%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Wall Street Zen lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Erste Group Bank started coverage on Freeport-McMoRan in a report on Thursday, August 27th. They set a "buy" rating for the company. Weiss Ratings lowered Freeport-McMoRan from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday, October 30th. Freedom Broker cut their target price on Freeport-McMoRan from $75.00 to $68.00 and set a "hold" rating on the stock in a research report on Monday, November 2nd. Finally, BMO Capital Markets lifted their target price on Freeport-McMoRan from $78.00 to $85.00 and gave the company an "outperform" rating in a report on Tuesday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $75.30.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Its products serve industries including construction, manufacturing, electronics and energy.

The company operates mines and related facilities in North America, South America and Indonesia. Its assets include the Grasberg minerals district in Indonesia and copper operations in the United States, Peru and Chile.

Freeport-McMoRan traces its roots to Freeport Sulphur Company, founded in 1912, and has since developed into a major international mining business.

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