Philadelphia Trust Co. Has $4.54 Million Position in Freeport-McMoRan Inc. $FCX

Key Points

• Philadelphia Trust Co. reduced its holdings in Freeport-McMoRan Inc. by 10.5%, selling 14,100 shares, and now owns 119,859 shares valued at approximately $4.5 million.
• Freeport-McMoRan reported a net income of $0.54 earnings per share for the last quarter, surpassing estimates and indicating a 14.5% year-over-year revenue growth.
• The company announced a quarterly dividend of $0.15 per share, reflecting an annualized yield of 1.4% and a payout ratio of 22.73%.

Philadelphia Trust Co. trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 10.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 119,859 shares of the natural resource company's stock after selling 14,100 shares during the period. Philadelphia Trust Co.'s holdings in Freeport-McMoRan were worth $4,538,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FCX. Coppell Advisory Solutions LLC raised its holdings in 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 buying an additional 268 shares during the period. Kestra Private Wealth Services LLC grew its position in Freeport-McMoRan by 0.4% in the first quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company's stock valued at $2,348,000 after acquiring an additional 275 shares in the last quarter. Princeton Capital Management LLC grew its position in Freeport-McMoRan by 1.1% in the first quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company's stock valued at $984,000 after acquiring an additional 275 shares in 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 valued at $345,000 after acquiring an additional 278 shares in the last quarter. Finally, Sargent Investment Group LLC grew its position in Freeport-McMoRan by 2.8% in the first quarter. Sargent Investment Group LLC now owns 10,421 shares of the natural resource company's stock valued at $395,000 after acquiring an additional 285 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FCX. UBS Group downgraded shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and increased their price objective for the company from $45.00 to $50.00 in a research report on Friday, July 11th. Royal Bank Of Canada increased their price objective on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. Bank of America reissued a "neutral" rating and set a $56.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. Stifel Nicolaus assumed coverage on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. They set a "buy" rating and a $56.00 price target for the company. Finally, BMO Capital Markets decreased their price target on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $51.00.

Freeport-McMoRan Stock Performance

FCX stock traded down $0.3480 during mid-day trading on Tuesday, reaching $41.4020. The company had a trading volume of 7,629,410 shares, compared to its average volume of 16,904,020. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $59.44 billion, a P/E ratio of 31.37, a P/E/G ratio of 0.80 and a beta of 1.63. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $52.61. The stock's 50-day simple moving average is $43.00 and its two-hundred day simple moving average is $39.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business had revenue of $7.58 billion for the quarter, compared to analysts' expectations of $6.85 billion. During the same period in the previous year, the business earned $0.46 earnings per share. The company's revenue was up 14.5% on a year-over-year basis. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. Freeport-McMoRan's dividend payout ratio is currently 22.73%.

Insiders Place Their Bets

In related news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan 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 transaction, the chief accounting officer owned 48,333 shares of the company's stock, valued at approximately $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 can be accessed through this hyperlink. Corporate insiders own 0.79% of the company's stock.

Freeport-McMoRan Company 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.