M&T Bank Corp Sells 18,575 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

M&T Bank Corp lowered its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 16.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 97,680 shares of the natural resource company's stock after selling 18,575 shares during the quarter. M&T Bank Corp's holdings in Freeport-McMoRan were worth $3,698,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in FCX. Coppell Advisory Solutions LLC lifted its position in Freeport-McMoRan by 47.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock valued at $32,000 after purchasing an additional 268 shares during the last quarter. Capital Investment Advisory Services LLC grew its position in Freeport-McMoRan by 3.2% in the first quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company's stock worth $345,000 after acquiring an additional 278 shares in the last quarter. Palogic Value Management L.P. raised its position in Freeport-McMoRan by 1.5% during the fourth quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company's stock valued at $772,000 after purchasing an additional 292 shares in the last quarter. Hexagon Capital Partners LLC lifted its stake in Freeport-McMoRan by 12.2% during the first quarter. Hexagon Capital Partners LLC now owns 2,760 shares of the natural resource company's stock worth $104,000 after purchasing an additional 301 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its holdings in shares of Freeport-McMoRan by 0.9% in the 4th quarter. CIBC Private Wealth Group LLC now owns 36,514 shares of the natural resource company's stock worth $1,451,000 after purchasing an additional 309 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

NYSE FCX opened at $47.19 on Friday. The company has a market cap of $67.82 billion, a PE ratio of 39.00, a P/E/G ratio of 0.87 and a beta of 1.64. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.13 and a current ratio of 2.32. The firm's 50 day moving average price is $40.92 and its 200-day moving average price is $38.50.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly 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 net margin of 7.11% and a return on equity of 7.03%. The business had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.36 billion. During the same period in the previous year, the company earned $0.32 earnings per share. The business's revenue for the quarter was down 9.4% on a year-over-year basis. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.27%. Freeport-McMoRan's dividend payout ratio (DPR) is 24.79%.

Insider Buying and Selling

In other news, CAO Ellie L. Mikes sold 8,584 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the sale, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at $1,934,286.66. This represents a 15.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.75% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FCX. Stifel Canada raised shares of Freeport-McMoRan to a "strong-buy" rating in a research note on Tuesday. Raymond James Financial restated an "outperform" rating and set a $52.00 price target on shares of Freeport-McMoRan in a research report on Friday, April 25th. JPMorgan Chase & Co. lifted their price objective on Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a report on Wednesday. Wall Street Zen lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Tuesday, April 8th. Finally, Jefferies Financial Group restated a "buy" rating and set a $50.00 price target (up from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Six research analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $50.64.

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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