Parsons Capital Management Inc. RI Sells 28,800 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Parsons Capital Management Inc. RI reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 43.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 38,136 shares of the natural resource company's stock after selling 28,800 shares during the period. Parsons Capital Management Inc. RI's holdings in Freeport-McMoRan were worth $1,444,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Asset Planning Inc acquired a new stake in Freeport-McMoRan in the fourth quarter worth $25,000. Mizuho Bank Ltd. acquired a new stake in Freeport-McMoRan during the 4th quarter worth $26,000. Vision Financial Markets LLC bought a new position in Freeport-McMoRan during the fourth quarter worth about $27,000. Roxbury Financial LLC acquired a new position in Freeport-McMoRan in the fourth quarter valued at about $28,000. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in shares of Freeport-McMoRan in the fourth quarter worth about $29,000. 80.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on FCX shares. UBS Group decreased their price objective on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Wolfe Research upgraded Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price target on the stock in a report on Wednesday, April 16th. Royal Bank of Canada upped their price objective on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 target price on the stock in a research report on Thursday, March 6th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and set a $50.00 price target (up previously from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $47.82.

Freeport-McMoRan Stock Performance

Shares of FCX stock traded down $0.32 on Friday, reaching $40.86. The stock had a trading volume of 9,721,377 shares, compared to its average volume of 13,381,296. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $58.72 billion, a price-to-earnings ratio of 31.68, a P/E/G ratio of 0.87 and a beta of 1.64. The firm's 50-day moving average is $37.39 and its two-hundred day moving average is $38.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The company had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same period in the previous year, the company posted $0.32 EPS. The firm's revenue for the quarter was down 9.4% compared to the same quarter last year. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend was Tuesday, April 15th. Freeport-McMoRan's payout ratio is presently 24.79%.

Insider Transactions at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the transaction, the chief accounting officer now directly owns 48,333 shares of the company's stock, valued at $1,934,286.66. This represents a 15.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.75% of the stock is currently owned by corporate insiders.

Freeport-McMoRan 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.