Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 0.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,281,455 shares of the natural resource company's stock after selling 15,681 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.23% of Freeport-McMoRan worth $124,236,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Mizuho Bank Ltd. acquired a new stake in Freeport-McMoRan in the 4th quarter worth approximately $26,000. Vision Financial Markets LLC acquired a new stake in Freeport-McMoRan during the 4th quarter valued at approximately $27,000. Kohmann Bosshard Financial Services LLC acquired a new stake in Freeport-McMoRan during the 4th quarter valued at approximately $29,000. Coppell Advisory Solutions LLC lifted its stake in Freeport-McMoRan by 47.4% during the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock valued at $32,000 after acquiring an additional 268 shares during the period. Finally, City Holding Co. acquired a new stake in Freeport-McMoRan during the 1st quarter valued at approximately $33,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FCX has been the subject of several research reports. JPMorgan Chase & Co. decreased their price objective on shares of Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Wall Street Zen cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Tuesday, April 8th. Scotiabank upgraded shares of Freeport-McMoRan from a "sector perform" rating to a "sector outperform" rating and lifted their price objective for the company from $43.00 to $48.00 in a research note on Monday, June 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective for the company in a research note on Thursday, March 6th. Finally, Hsbc Global Res upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Four 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 company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $48.27.

Insider Buying and Selling

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 sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.79% of the stock is currently owned by company insiders.

Freeport-McMoRan Trading Down 1.4%

NYSE:FCX opened at $43.83 on Monday. The stock has a fifty day moving average price of $39.22 and a two-hundred day moving average price of $38.12. The stock has a market capitalization of $62.99 billion, a price-to-earnings ratio of 36.23, a PEG ratio of 0.85 and a beta of 1.65. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.13 and a current ratio of 2.32. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data 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. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. The firm had revenue of $5.73 billion during the quarter, compared to analysts' expectations of $5.36 billion. During the same quarter in the prior year, the business posted $0.32 earnings per share. Freeport-McMoRan's revenue was down 9.4% compared to the same quarter last year. 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.37%. Freeport-McMoRan's dividend payout ratio is presently 24.79%.

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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