Patten & Patten Inc. TN Sells 7,610 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Key Points

• Patten & Patten Inc. TN reduced its stake in Freeport-McMoRan by 7.1%, holding approximately $3.79 million worth of shares as reported in their latest SEC filing.
• Freeport-McMoRan reported a beating of earnings estimates with an EPS of $0.54 compared to the expected $0.45 for the latest quarter, generating a revenue of $7.58 billion.
• The company also announced a $0.15 per share quarterly dividend, which equates to an annualized yield of 1.34%.

Patten & Patten Inc. TN lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 7.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 99,970 shares of the natural resource company's stock after selling 7,610 shares during the period. Patten & Patten Inc. TN's holdings in Freeport-McMoRan were worth $3,785,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Coppell Advisory Solutions LLC raised its position in shares of Freeport-McMoRan by 47.4% in 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 period. Kestra Private Wealth Services LLC increased its holdings in Freeport-McMoRan by 0.4% in the 1st quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company's stock valued at $2,348,000 after buying an additional 275 shares during the period. Princeton Capital Management LLC increased its holdings in Freeport-McMoRan by 1.1% in the 1st quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company's stock valued at $984,000 after buying an additional 275 shares during the period. Capital Investment Advisory Services LLC increased its holdings in Freeport-McMoRan by 3.2% in the 1st quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company's stock valued at $345,000 after buying an additional 278 shares during the period. Finally, Sargent Investment Group LLC grew its holdings in shares of Freeport-McMoRan by 2.8% during the 1st quarter. Sargent Investment Group LLC now owns 10,421 shares of the natural resource company's stock valued at $395,000 after purchasing an additional 285 shares during the last quarter. Institutional investors and hedge funds 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 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 approximately $1,934,286.66. The trade was a 15.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.75% of the company's stock.

Freeport-McMoRan Stock Up 3.3%

FCX stock traded up $1.30 during midday trading on Thursday, reaching $40.44. 18,572,418 shares of the company's stock traded hands, compared to its average volume of 16,221,133. The company has a market cap of $58.11 billion, a price-to-earnings ratio of 30.60, a P/E/G ratio of 0.79 and a beta of 1.64. The firm's fifty day moving average price is $42.65 and its 200-day moving average price is $39.04. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. The business had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. Freeport-McMoRan's quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the business 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 fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 22.73%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FCX. Scotiabank lifted their price target on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a report on Wednesday, July 9th. JPMorgan Chase & Co. lifted their target price on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Bank of America reiterated a "neutral" rating and set a $56.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. Stifel Nicolaus began coverage on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. They set a "buy" rating and a $56.00 target price on the stock. Finally, BMO Capital Markets cut their target price on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating on the stock in a research report on Thursday, July 24th. Eight analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average 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.