Horizon Investments LLC Reduces Holdings in Freeport-McMoRan Inc. $FCX

Key Points

• Horizon Investments LLC reduced its stake in Freeport-McMoRan by 49.1%, selling 50,669 shares and retaining a total of 52,578 shares, valued at approximately $1.98 million.
• Multiple large investors have increased their positions in Freeport-McMoRan, with 80.77% of the stock now held by institutional investors.
• Freeport-McMoRan recently announced a quarterly dividend of $0.15 per share, representing an annualized dividend yield of 1.4%.

Horizon Investments LLC cut its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 49.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,578 shares of the natural resource company's stock after selling 50,669 shares during the quarter. Horizon Investments LLC's holdings in Freeport-McMoRan were worth $1,982,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Coppell Advisory Solutions LLC raised its holdings in Freeport-McMoRan by 47.4% in the 4th 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 in the last quarter. City Holding Co. bought a new position in shares of Freeport-McMoRan in the 1st quarter worth about $33,000. Bernard Wealth Management Corp. bought a new position in shares of Freeport-McMoRan in the 4th quarter worth about $35,000. Dagco Inc. bought a new position in shares of Freeport-McMoRan in the 1st quarter worth about $37,000. Finally, Greykasell Wealth Strategies Inc. bought a new position in shares of Freeport-McMoRan in the 1st quarter worth about $42,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Down 0.8%

FCX stock traded down $0.3480 during trading on Tuesday, hitting $41.4020. 7,629,410 shares of the stock traded hands, compared to its average volume of 15,847,619. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61. The firm's 50 day moving average is $43.00 and its two-hundred day moving average is $39.30. The stock has a market cap of $59.44 billion, a price-to-earnings ratio of 31.37, a price-to-earnings-growth ratio of 0.80 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.45 by $0.09. The company had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. Freeport-McMoRan's revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.46 EPS. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. Freeport-McMoRan's payout ratio is presently 22.73%.

Analysts Set New Price Targets

Several brokerages recently issued reports on FCX. BMO Capital Markets decreased their price target on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a research note on Thursday, July 24th. Raymond James Financial reiterated an "outperform" rating and issued a $52.00 price target on shares of Freeport-McMoRan in a research note on Friday, April 25th. UBS Group lowered shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and increased their price target for the stock from $45.00 to $50.00 in a research note on Friday, July 11th. Wall Street Zen upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, Citigroup increased their price target on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $51.00.

Insider Activity

In other news, CAO Ellie L. Mikes sold 8,584 shares of the firm's stock in a transaction dated 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 owned 48,333 shares of the company's stock, valued at $1,934,286.66. This trade represents a 15.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.79% of the stock is currently owned by 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.