Handelsbanken Fonder AB Sells 8,117 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Handelsbanken Fonder AB decreased its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 1.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 595,281 shares of the natural resource company's stock after selling 8,117 shares during the quarter. Handelsbanken Fonder AB's holdings in Freeport-McMoRan were worth $22,537,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Coppell Advisory Solutions LLC raised its holdings in shares of Freeport-McMoRan by 47.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock worth $32,000 after purchasing an additional 268 shares during the period. Palogic Value Management L.P. raised its stake in Freeport-McMoRan by 1.5% during the fourth quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company's stock worth $772,000 after acquiring an additional 292 shares during the period. CIBC Private Wealth Group LLC boosted its stake in Freeport-McMoRan by 0.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 36,514 shares of the natural resource company's stock valued at $1,451,000 after acquiring an additional 309 shares during the period. Inspire Advisors LLC grew its holdings in shares of Freeport-McMoRan by 2.6% during the fourth quarter. Inspire Advisors LLC now owns 12,965 shares of the natural resource company's stock valued at $494,000 after purchasing an additional 325 shares during the last quarter. Finally, Soltis Investment Advisors LLC lifted its holdings in shares of Freeport-McMoRan by 3.6% in the 4th quarter. Soltis Investment Advisors LLC now owns 10,090 shares of the natural resource company's stock worth $384,000 after purchasing an additional 346 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Insider Activity

In other Freeport-McMoRan 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 transaction of $343,531.68. Following the completion of the transaction, the chief accounting officer now 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 SEC, which is available through this link. Corporate insiders own 0.75% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on FCX. 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. UBS Group cut their target price on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price target for the company in a research note on Thursday, March 6th. Dbs Bank upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of "Moderate Buy" and a consensus price target of $47.82.

Freeport-McMoRan Trading Up 1.1%

NYSE:FCX traded up $0.46 during trading hours on Thursday, hitting $41.47. The stock had a trading volume of 4,100,678 shares, compared to its average volume of 13,360,970. The business's 50 day moving average is $36.94 and its 200-day moving average is $38.32. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The company has a market cap of $59.60 billion, a price-to-earnings ratio of 32.15, a P/E/G ratio of 0.87 and a beta of 1.64. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share 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 firm had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.36 billion. During the same period in the previous year, the company posted $0.32 earnings per share. The company's revenue for the quarter was down 9.4% on a year-over-year basis. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan's payout ratio is currently 24.79%.

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.