Mutual of America Capital Management LLC Sells 6,516 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Key Points

• Mutual of America Capital Management LLC decreased its stake in Freeport-McMoRan Inc. by 3.3%, selling 6,516 shares, and now holds a total of 193,407 shares valued at $7.32 million.
• Freeport-McMoRan posted a better-than-expected earnings report with an EPS of $0.54, surpassing estimates of $0.45, alongside a revenue increase of 14.5% compared to the previous year.
• A quarterly dividend of $0.15 per share was announced, equating to an annualized yield of 1.5% and a payout ratio of 22.73%.

Mutual of America Capital Management LLC reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 3.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 193,407 shares of the natural resource company's stock after selling 6,516 shares during the quarter. Mutual of America Capital Management LLC's holdings in Freeport-McMoRan were worth $7,322,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of FCX. Price T Rowe Associates Inc. MD lifted its holdings in Freeport-McMoRan by 21.9% during the 4th 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 buying an additional 5,735,171 shares during the period. Bank of New York Mellon Corp raised its position in shares of Freeport-McMoRan by 13.7% during the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company's stock worth $830,726,000 after acquiring an additional 2,642,810 shares during the last quarter. Deutsche Bank AG lifted its stake in shares of Freeport-McMoRan by 39.2% in the fourth quarter. Deutsche Bank AG now owns 5,469,258 shares of the natural resource company's stock worth $208,269,000 after acquiring an additional 1,539,124 shares during the period. FIL Ltd lifted its stake in shares of Freeport-McMoRan by 153.8% in the fourth quarter. FIL Ltd now owns 2,477,217 shares of the natural resource company's stock worth $94,332,000 after acquiring an additional 1,501,277 shares during the period. Finally, Northern Trust Corp boosted its holdings in Freeport-McMoRan by 8.8% in the fourth quarter. Northern Trust Corp now owns 16,441,112 shares of the natural resource company's stock valued at $626,078,000 after acquiring an additional 1,335,181 shares during the last quarter. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $40.77 on Friday. The stock has a 50 day moving average of $42.81 and a 200 day moving average of $39.05. The company has a market capitalization of $58.59 billion, a price-to-earnings ratio of 30.89, a PEG ratio of 0.74 and a beta of 1.63. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.09. The firm had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%. The business's revenue was up 14.5% compared to the same quarter last year. During the same period last year, the firm posted $0.46 EPS. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. Freeport-McMoRan's dividend payout ratio is currently 22.73%.

Insider Buying and Selling at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 8,584 shares of the firm'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 completion of the sale, the chief accounting officer owned 48,333 shares in the company, valued at $1,934,286.66. This trade represents a 15.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.75% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on FCX shares. Stifel Canada upgraded shares of Freeport-McMoRan to a "strong-buy" rating in a report on Tuesday, July 8th. Scotiabank lifted their target price on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, July 9th. 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 report on Wednesday, April 16th. Bank of America reaffirmed a "neutral" rating and set a $56.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. Finally, Morgan Stanley lowered Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and lifted their price objective for the stock from $45.00 to $54.00 in a research report on Tuesday, July 15th. Eight 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 stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and an average target price of $51.00.

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.

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