Janney Montgomery Scott LLC Has $15.77 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Janney Montgomery Scott LLC reduced its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 32.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 416,427 shares of the natural resource company's stock after selling 199,716 shares during the quarter. Janney Montgomery Scott LLC's holdings in Freeport-McMoRan were worth $15,766,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Wellington Management Group LLP boosted its holdings in Freeport-McMoRan by 237.4% during the fourth quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock worth $351,041,000 after purchasing an additional 6,486,011 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Freeport-McMoRan by 21.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock worth $1,214,203,000 after purchasing an additional 5,735,171 shares during the last quarter. Amundi boosted its holdings in Freeport-McMoRan by 30.2% during the fourth quarter. Amundi now owns 21,580,960 shares of the natural resource company's stock worth $857,305,000 after purchasing an additional 5,001,531 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Freeport-McMoRan by 38.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company's stock worth $619,682,000 after purchasing an additional 4,488,210 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in Freeport-McMoRan by 8.0% during the fourth quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock worth $1,123,445,000 after purchasing an additional 2,191,926 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $41.17 on Thursday. The company's 50 day moving average is $37.95 and its 200-day moving average is $38.23. 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 1.13, a current ratio of 2.32 and a debt-to-equity ratio of 0.30. The firm has a market cap of $59.16 billion, a P/E ratio of 34.02, a price-to-earnings-growth ratio of 0.82 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. The company had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.36 billion. During the same quarter in the previous year, the firm posted $0.32 earnings per share. The company's quarterly revenue was down 9.4% compared to the same quarter last year. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared 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 1.46%. The ex-dividend date of this dividend was Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio (DPR) is currently 24.79%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Dbs Bank upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. UBS Group dropped 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. Wolfe Research upgraded shares of Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 target price on the stock in a research note on Wednesday, April 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 target price on the stock in a research note on Thursday, March 6th. Finally, JPMorgan Chase & Co. dropped 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. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.27.

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 owns 48,333 shares of the company's stock, valued at approximately $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 accessible through this hyperlink. 0.75% of the stock is currently owned by insiders.

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.

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