Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Griffin Asset Management Inc.

Griffin Asset Management Inc. decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 10.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 86,494 shares of the natural resource company's stock after selling 10,360 shares during the quarter. Griffin Asset Management Inc.'s holdings in Freeport-McMoRan were worth $3,275,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Asset Planning Inc acquired a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $25,000. Mizuho Bank Ltd. acquired a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $26,000. Vision Financial Markets LLC acquired a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $27,000. Roxbury Financial LLC acquired a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $28,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $29,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Trading Down 0.8%

NYSE:FCX traded down $0.32 on Friday, reaching $40.86. 9,721,377 shares of the company's stock were exchanged, compared to its average volume of 13,401,527. 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 price-to-earnings-growth ratio of 0.87 and a beta of 1.64. The business has a fifty day moving average of $37.39 and a 200-day moving average of $38.24. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.01. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The firm had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.36 billion. During the same period in the prior year, the firm earned $0.32 earnings per share. The business's quarterly revenue was down 9.4% compared to the same quarter last year. As a group, analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 15th were paid a dividend of $0.15 per share. The ex-dividend date was Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.47%. Freeport-McMoRan's payout ratio is 24.79%.

Insider Buying and Selling

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 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 now directly owns 48,333 shares in the company, valued at approximately $1,934,286.66. This represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.75% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on FCX shares. UBS Group lowered their price target on shares of Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Royal Bank of Canada boosted their price objective on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. Raymond James restated an "outperform" rating and issued a $52.00 price objective on shares of Freeport-McMoRan in a report on Friday, April 25th. Wall Street Zen lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Tuesday, April 8th. Finally, Jefferies Financial Group restated 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. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $47.82.

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.