Freeport-McMoRan Inc. (NYSE:FCX) Stake Lowered by HighPoint Advisor Group LLC

HighPoint Advisor Group LLC reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 15.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,076 shares of the natural resource company's stock after selling 7,239 shares during the quarter. HighPoint Advisor Group LLC's holdings in Freeport-McMoRan were worth $1,527,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Mizuho Bank Ltd. purchased a new position in Freeport-McMoRan in the 4th quarter valued at approximately $26,000. Coppell Advisory Solutions LLC increased its stake in Freeport-McMoRan by 47.4% in 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 in the last quarter. City Holding Co. purchased a new position in Freeport-McMoRan in the 1st quarter valued at approximately $33,000. Bernard Wealth Management Corp. purchased a new position in Freeport-McMoRan in the 4th quarter valued at approximately $35,000. Finally, Murphy & Mullick Capital Management Corp purchased a new position in Freeport-McMoRan in the 4th quarter valued at approximately $40,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the business'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 owned 48,333 shares in the company, valued at approximately $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.75% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on FCX. Hsbc Global Res raised Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Morgan Stanley downgraded Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and raised their price target for the stock from $45.00 to $54.00 in a research report on Tuesday, July 15th. UBS Group downgraded Freeport-McMoRan from a "buy" rating to a "neutral" rating and raised their price target for the stock from $45.00 to $50.00 in a research report on Friday, July 11th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $50.00 price objective (up previously from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Finally, Scotiabank lifted their price objective on Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a research report on Wednesday, July 9th. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of "Moderate Buy" and a consensus target price of $51.00.

Freeport-McMoRan Trading Down 0.4%

FCX stock traded down $0.17 during trading on Friday, reaching $44.41. 6,332,793 shares of the stock traded hands, compared to its average volume of 15,712,885. The business's 50 day moving average price is $42.17 and its 200-day moving average price is $38.90. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.13. The firm has a market capitalization of $63.83 billion, a PE ratio of 33.57, a P/E/G ratio of 0.83 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 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 analysts' expectations of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%. The firm's quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.46 earnings per share. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.35%. Freeport-McMoRan's dividend payout ratio is presently 24.79%.

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.