Adams Diversified Equity Fund Inc. Sells 134,900 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Adams Diversified Equity Fund Inc. trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 41.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 187,200 shares of the natural resource company's stock after selling 134,900 shares during the period. Adams Diversified Equity Fund Inc.'s holdings in Freeport-McMoRan were worth $7,087,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Mizuho Bank Ltd. purchased a new position in Freeport-McMoRan during the 4th quarter valued at about $26,000. Vision Financial Markets LLC purchased a new stake in Freeport-McMoRan in the 4th quarter worth approximately $27,000. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $29,000. Coppell Advisory Solutions LLC increased its stake in shares of 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 during the period. Finally, City Holding Co. purchased a new position in shares of Freeport-McMoRan during the first quarter valued at approximately $33,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Down 0.9%

Freeport-McMoRan stock traded down $0.37 during mid-day trading on Wednesday, hitting $41.64. The company had a trading volume of 7,112,790 shares, compared to its average volume of 13,315,160. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61. The company has a current ratio of 2.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.30. The stock's 50 day moving average price is $38.60 and its two-hundred day moving average price is $38.14. The company has a market capitalization of $59.84 billion, a PE ratio of 34.41, a price-to-earnings-growth ratio of 0.80 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. The business had revenue of $5.73 billion during the quarter, compared to analysts' expectations of $5.36 billion. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. The business's revenue for the quarter was down 9.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.32 earnings per share. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.44%. Freeport-McMoRan's payout ratio is presently 24.79%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Royal Bank Of Canada raised their price target on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Hsbc Global Res raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. JPMorgan Chase & Co. reduced their price target on shares of Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price target for the company in a research note on Thursday, March 6th. Finally, UBS Group cut their price objective on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.27.

Insider Activity

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the transaction, the chief accounting officer now directly owns 48,333 shares of the company's stock, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.79% of the stock is owned by corporate insiders.

About Freeport-McMoRan

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.