M&T Bank Corp Has $3.70 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

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

Several other hedge funds have also recently added to or reduced their stakes in FCX. Stratos Investment Management LLC raised its stake in shares of Freeport-McMoRan by 238.5% in the 1st quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company's stock worth $2,443,000 after buying an additional 45,458 shares in the last quarter. Hourglass Capital LLC raised its stake in shares of Freeport-McMoRan by 3.9% in the 1st quarter. Hourglass Capital LLC now owns 163,683 shares of the natural resource company's stock worth $6,197,000 after buying an additional 6,093 shares in the last quarter. Ninety One SA PTY Ltd bought a new stake in shares of Freeport-McMoRan in the 1st quarter worth $277,000. Ninety One UK Ltd raised its stake in shares of Freeport-McMoRan by 27.2% in the 1st quarter. Ninety One UK Ltd now owns 4,478,060 shares of the natural resource company's stock worth $169,539,000 after buying an additional 956,772 shares in the last quarter. Finally, Crossmark Global Holdings Inc. raised its stake in shares of Freeport-McMoRan by 1.3% in the 1st quarter. Crossmark Global Holdings Inc. now owns 55,141 shares of the natural resource company's stock worth $2,088,000 after buying an additional 716 shares in the last quarter. Institutional investors own 80.77% of the company's stock.

Insider Buying and Selling

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the sale, the chief accounting officer owned 48,333 shares of the company's stock, valued at $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.75% of the stock is owned by company insiders.

Analyst Ratings Changes

FCX has been the topic of a number of research reports. Stifel Nicolaus set a $56.00 price objective on Freeport-McMoRan and gave the stock a "buy" rating in a research note on Wednesday. Jefferies Financial Group reaffirmed a "buy" rating and set a $50.00 target price (up from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Stifel Canada raised Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday. Raymond James Financial reaffirmed an "outperform" rating and set a $52.00 target price on shares of Freeport-McMoRan in a research report on Friday, April 25th. Finally, Wall Street Zen lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Tuesday, April 8th. Seven research analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $51.00.

Freeport-McMoRan Stock Down 1.8%

NYSE FCX traded down $0.84 on Friday, reaching $46.37. The stock had a trading volume of 17,116,883 shares, compared to its average volume of 13,781,400. The business has a 50 day moving average price of $41.09 and a 200 day moving average price of $38.55. 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 1 year low of $27.66 and a 1 year high of $52.61. The company has a market capitalization of $66.64 billion, a price-to-earnings ratio of 38.32, a P/E/G ratio of 0.92 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.01. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. The firm had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. During the same quarter in the previous year, the company posted $0.32 earnings per share. The business's quarterly revenue was down 9.4% compared to the same quarter last year. On average, 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. Shareholders of record on Tuesday, July 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.29%. Freeport-McMoRan's dividend payout ratio (DPR) is currently 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.