Manning & Napier Advisors LLC Sells 126,274 Shares of Freeport-McMoRan Inc. $FCX

Manning & Napier Advisors LLC cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 83.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 25,791 shares of the natural resource company's stock after selling 126,274 shares during the quarter. Manning & Napier Advisors LLC's holdings in Freeport-McMoRan were worth $1,622,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL bought a new position in shares of Freeport-McMoRan during the fourth quarter valued at approximately $25,000. Steph & Co. raised its stake in Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company's stock worth $29,000 after buying an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new position in Freeport-McMoRan in the first quarter worth approximately $29,000. Kemnay Advisory Services Inc. purchased a new stake in Freeport-McMoRan during the fourth quarter worth $29,000. Finally, SHP Wealth Management purchased a new stake in Freeport-McMoRan during the fourth quarter worth $30,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $79.91 on Wednesday. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $79.95. The business's 50 day moving average price is $64.90 and its 200 day moving average price is $63.66. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The firm has a market cap of $114.75 billion, a P/E ratio of 39.36, a P/E/G ratio of 0.77 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.12. The firm had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The firm's revenue was down 7.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.54 earnings per share. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were given a dividend of $0.075 per share. The ex-dividend date was Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Freeport-McMoRan's dividend payout ratio is currently 14.78%.

Analysts Set New Price Targets

Several equities analysts have issued reports on FCX shares. The Goldman Sachs Group cut their target price on Freeport-McMoRan from $75.00 to $74.00 and set a "buy" rating on the stock in a research note on Wednesday, July 8th. Morgan Stanley increased their price target on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 8th. Stifel Nicolaus raised their price target on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the company a "buy" rating in a report on Tuesday, July 21st. Barclays lifted their price objective on shares of Freeport-McMoRan from $80.00 to $82.00 and gave the stock an "overweight" rating in a research report on Monday, July 27th. Finally, Wells Fargo & Company increased their target price on shares of Freeport-McMoRan from $68.00 to $70.00 and gave the company an "overweight" rating in a research report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $70.27.

Insider Buying and Selling

In related news, CAO Stephen T. Higgins sold 14,277 shares of the firm's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the transaction, the chief accounting officer directly owned 54,618 shares of the company's stock, valued at approximately $3,795,951. This trade represents a 20.72% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Ellie L. Mikes sold 4,773 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total value of $334,110.00. Following the completion of the transaction, the chief accounting officer owned 36,000 shares in the company, valued at approximately $2,520,000. This trade represents a 11.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 26,600 shares of company stock worth $1,802,012 in the last quarter. 0.73% of the stock is currently owned by company insiders.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

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