Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Commerce Bank

Key Points

• Commerce Bank reduced its stake in Freeport-McMoRan by 4.1% in Q1, owning 397,750 shares valued at approximately $15 million after selling 17,192 shares.
• Freeport-McMoRan reported better-than-expected earnings of $0.54 per share, exceeding the consensus estimate of $0.45, with revenues increasing 14.5% year-over-year to $7.58 billion.
• The company recently announced a quarterly dividend of $0.15 per share, yielding 1.5%, with a payout ratio of 22.73%.

Commerce Bank cut its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 4.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 397,750 shares of the natural resource company's stock after selling 17,192 shares during the quarter. Commerce Bank's holdings in Freeport-McMoRan were worth $15,059,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Mizuho Bank Ltd. acquired a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $26,000. 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 worth $32,000 after purchasing an additional 268 shares during the period. City Holding Co. acquired a new position in Freeport-McMoRan in the 1st quarter valued at about $33,000. Bernard Wealth Management Corp. acquired a new position in Freeport-McMoRan in the 4th quarter valued at about $35,000. Finally, Wolff Wiese Magana LLC grew its stake in shares of Freeport-McMoRan by 38.2% in the 1st quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company's stock valued at $44,000 after buying an additional 319 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Down 0.5%

Shares of FCX opened at $40.04 on Friday. The company's 50-day simple moving average is $42.72 and its 200-day simple moving average is $39.05. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61. The stock has a market capitalization of $57.54 billion, a PE ratio of 30.33, a P/E/G ratio of 0.73 and a beta of 1.63.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results 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 the consensus estimate of $6.85 billion. During the same period in the prior year, the firm earned $0.46 EPS. The firm's revenue for the quarter was up 14.5% on a year-over-year basis. Analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.5%. Freeport-McMoRan's payout ratio is 22.73%.

Insider Buying and Selling

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the 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 sale, the chief accounting officer owned 48,333 shares of the company's stock, valued at $1,934,286.66. This trade represents a 15.08% decrease in their position. The transaction 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 insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FCX. Hsbc Global Res lowered shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 22nd. Bank of America restated a "neutral" rating and issued a $56.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. Raymond James Financial reaffirmed an "outperform" rating and issued a $52.00 price target on shares of Freeport-McMoRan in a research note on Friday, April 25th. UBS Group downgraded Freeport-McMoRan from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $45.00 to $50.00 in a research report on Friday, July 11th. Finally, Jefferies Financial Group restated a "buy" rating and issued a $50.00 price objective (up from $48.00) on shares of Freeport-McMoRan in a report on Friday, April 25th. Eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $51.00.

Freeport-McMoRan Company 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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