Janney Montgomery Scott LLC Reduces Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Janney Montgomery Scott LLC cut its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 32.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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 quarter.

Several other hedge funds also recently made changes to their positions in the stock. Trust Co. of Toledo NA OH grew its holdings in Freeport-McMoRan by 3.5% during the 1st quarter. Trust Co. of Toledo NA OH now owns 22,121 shares of the natural resource company's stock valued at $838,000 after buying an additional 738 shares in the last quarter. Fortis Advisors LLC grew its stake in Freeport-McMoRan by 13.3% during the first quarter. Fortis Advisors LLC now owns 13,675 shares of the natural resource company's stock valued at $518,000 after acquiring an additional 1,600 shares in the last quarter. Foster Victor Wealth Advisors LLC grew its stake in Freeport-McMoRan by 27.0% during the first quarter. Foster Victor Wealth Advisors LLC now owns 378,014 shares of the natural resource company's stock valued at $14,312,000 after acquiring an additional 80,289 shares in the last quarter. Ritholtz Wealth Management grew its stake in Freeport-McMoRan by 5.8% during the first quarter. Ritholtz Wealth Management now owns 18,995 shares of the natural resource company's stock valued at $719,000 after acquiring an additional 1,041 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC grew its stake in Freeport-McMoRan by 4.7% during the first quarter. Dynamic Advisor Solutions LLC now owns 25,197 shares of the natural resource company's stock valued at $954,000 after acquiring an additional 1,137 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FCX has been the topic of several research analyst reports. Wall Street Zen cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Tuesday, April 8th. Dbs Bank upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Wolfe Research upgraded Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 target price for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. reduced their target price on Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Finally, Raymond James Financial reissued an "outperform" rating and set a $52.00 price objective on shares of Freeport-McMoRan in a report on Friday, April 25th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of "Moderate Buy" and an average target price of $48.27.

Insider Buying and Selling at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 8,584 shares of the 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.75% of the company's stock.

Freeport-McMoRan Price Performance

Shares of FCX traded down $1.00 during midday trading on Friday, reaching $40.18. The stock had a trading volume of 13,983,408 shares, compared to its average volume of 13,348,712. The company has a market capitalization of $57.74 billion, a price-to-earnings ratio of 33.20, a price-to-earnings-growth ratio of 0.80 and a beta of 1.64. The company's 50-day moving average is $38.28 and its 200 day moving average is $38.16. The company has a current ratio of 2.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61.

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

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were given a dividend of $0.15 per share. The ex-dividend date was Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.49%. Freeport-McMoRan's payout ratio is 24.79%.

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.