Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by LGT Fund Management Co Ltd.

Key Points

• LGT Fund Management Co Ltd. significantly reduced its stake in Freeport-McMoRan Inc. by 89.2% during the first quarter, ending with 7,962 shares worth approximately $301,000.
• Various institutional investors have shown mixed activity, with some increasing their holdings, while 80.77% of the company's stock is currently owned by institutional investors and hedge funds.
• Freeport-McMoRan recently reported strong earnings with a net margin of 7.45% and announced a quarterly dividend of $0.15 per share, reflecting a yield of 1.4%.

LGT Fund Management Co Ltd. lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 89.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,962 shares of the natural resource company's stock after selling 65,900 shares during the quarter. LGT Fund Management Co Ltd.'s holdings in Freeport-McMoRan were worth $301,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Coppell Advisory Solutions LLC increased its holdings in shares of Freeport-McMoRan by 47.4% in the fourth 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 last quarter. City Holding Co. acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at approximately $33,000. Bernard Wealth Management Corp. acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $35,000. Greykasell Wealth Strategies Inc. acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at approximately $42,000. Finally, Wolff Wiese Magana LLC increased its holdings in shares of Freeport-McMoRan by 38.2% in the first quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company's stock valued at $44,000 after purchasing an additional 319 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on FCX. Jefferies Financial Group reiterated 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. Bank of America reiterated a "neutral" rating and issued a $56.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 9th. Wolfe Research upgraded Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price objective on the stock in a report on Wednesday, April 16th. UBS Group cut Freeport-McMoRan from a "buy" rating to a "neutral" rating and upped their price objective for the company from $45.00 to $50.00 in a report on Friday, July 11th. Finally, BMO Capital Markets decreased their price objective on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating on the stock in a report on Thursday, July 24th. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $51.00.

Insider Transactions at Freeport-McMoRan

In other Freeport-McMoRan 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 transaction of $343,531.68. Following the sale, the chief accounting officer directly owned 48,333 shares in the company, valued at $1,934,286.66. This represents a 15.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.79% of the stock is currently owned by company insiders.

Freeport-McMoRan Stock Up 1.5%

NYSE:FCX opened at $42.10 on Wednesday. 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 stock's fifty day moving average is $42.94 and its two-hundred day moving average is $39.11. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61. The stock has a market capitalization of $60.50 billion, a price-to-earnings ratio of 31.89, a price-to-earnings-growth ratio of 0.76 and a beta of 1.63.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (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 analyst estimates of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The firm's quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.46 EPS. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

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

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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