Harbor Capital Advisors Inc. Cuts Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Harbor Capital Advisors Inc. lowered its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 35.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,628 shares of the natural resource company's stock after selling 18,069 shares during the period. Harbor Capital Advisors Inc.'s holdings in Freeport-McMoRan were worth $1,273,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FCX. Madison Investment Advisors LLC bought a new position in shares of Freeport-McMoRan during the fourth quarter valued at $3,388,000. Vanguard Group Inc. grew its position in Freeport-McMoRan by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company's stock valued at $4,692,191,000 after purchasing an additional 642,776 shares during the last quarter. Wellington Management Group LLP increased its stake in Freeport-McMoRan by 237.4% during the 4th quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock valued at $351,041,000 after purchasing an additional 6,486,011 shares in the last quarter. PGGM Investments raised its holdings in Freeport-McMoRan by 220.3% in the fourth quarter. PGGM Investments now owns 40,467 shares of the natural resource company's stock worth $1,541,000 after buying an additional 27,834 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Freeport-McMoRan in the fourth quarter worth approximately $2,768,000. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Stock Performance

NYSE FCX traded down $0.32 during trading hours on Friday, hitting $40.86. 9,721,377 shares of the company's stock traded hands, compared to its average volume of 13,377,354. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61. The firm has a market capitalization of $58.72 billion, a P/E ratio of 31.68, a P/E/G ratio of 0.87 and a beta of 1.64. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The business's fifty day moving average price is $37.16 and its two-hundred day moving average price is $38.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $5.36 billion. During the same quarter in the previous year, the firm posted $0.32 EPS. The company's revenue for the quarter was down 9.4% compared to the same quarter last year. Equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

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

Insider Transactions at Freeport-McMoRan

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 transaction of $343,531.68. Following the sale, the chief accounting officer now directly owns 48,333 shares of the company's stock, valued at $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.75% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on FCX. 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. Hsbc Global Res upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price target on the stock in a report on Thursday, March 6th. Dbs Bank upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Finally, UBS Group lowered their target price on shares of Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Five research 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. According to data from MarketBeat, Freeport-McMoRan currently has a consensus 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.