Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Montag A & Associates Inc.

Montag A & Associates Inc. lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 45.3% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 8,970 shares of the natural resource company's stock after selling 7,425 shares during the quarter. Montag A & Associates Inc.'s holdings in Freeport-McMoRan were worth $340,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. IFP Advisors Inc raised its position in shares of Freeport-McMoRan by 10.5% in the first quarter. IFP Advisors Inc now owns 78,445 shares of the natural resource company's stock valued at $2,970,000 after buying an additional 7,431 shares during the last quarter. Kestra Private Wealth Services LLC lifted its position in Freeport-McMoRan by 0.4% during the first quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company's stock worth $2,348,000 after buying an additional 275 shares in the last quarter. Csenge Advisory Group acquired a new position in Freeport-McMoRan during the first quarter worth $475,000. AMG National Trust Bank increased its stake in shares of Freeport-McMoRan by 12.4% in the 1st quarter. AMG National Trust Bank now owns 6,185 shares of the natural resource company's stock worth $234,000 after acquiring an additional 682 shares during the last quarter. Finally, Mystic Asset Management Inc. boosted its position in shares of Freeport-McMoRan by 5.9% during the 1st quarter. Mystic Asset Management Inc. now owns 14,097 shares of the natural resource company's stock valued at $534,000 after acquiring an additional 781 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Morgan Stanley cut shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and increased their price target for the company from $45.00 to $54.00 in a research note on Tuesday, July 15th. UBS Group cut Freeport-McMoRan from a "buy" rating to a "neutral" rating and increased their price target for the stock from $45.00 to $50.00 in a report on Friday, July 11th. JPMorgan Chase & Co. boosted their price objective on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the company an "overweight" rating in a report on Wednesday, July 9th. Hsbc Global Res raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Finally, Wolfe Research raised shares of Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price target on the stock in a research note on Wednesday, April 16th. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $51.00.

Freeport-McMoRan Stock Down 0.3%

Shares of FCX stock traded down $0.15 during trading hours on Friday, reaching $44.43. 5,160,579 shares of the stock were exchanged, compared to its average volume of 15,707,354. The business's fifty day moving average is $42.17 and its two-hundred day moving average is $38.90. The firm has a market capitalization of $63.85 billion, a P/E ratio of 33.66, a P/E/G ratio of 0.83 and a beta of 1.64. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month 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.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. The business 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 company's revenue was up 14.5% on a year-over-year basis. During the same period last year, the business earned $0.46 EPS. As a group, research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Shareholders 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 yield of 1.35%. Freeport-McMoRan's dividend payout ratio (DPR) is 24.79%.

Insider Transactions at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the transaction, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at $1,934,286.66. This represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.75% of the stock is owned by company 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.