Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Private Advisor Group LLC

Private Advisor Group LLC reduced its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 10.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 62,827 shares of the natural resource company's stock after selling 7,190 shares during the quarter. Private Advisor Group LLC's holdings in Freeport-McMoRan were worth $2,379,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in FCX. Mizuho Bank Ltd. purchased a new stake in shares of Freeport-McMoRan in the 4th quarter valued at about $26,000. Coppell Advisory Solutions LLC increased 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 worth $32,000 after buying an additional 268 shares during the period. City Holding Co. purchased a new stake in Freeport-McMoRan in the first quarter valued at approximately $33,000. Bernard Wealth Management Corp. purchased a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $35,000. Finally, Murphy & Mullick Capital Management Corp acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $40,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Scotiabank lifted their target price 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. Wolfe Research upgraded shares of Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price objective on the stock in a research note on Wednesday, April 16th. Raymond James Financial reaffirmed an "outperform" rating and issued a $52.00 target price on shares of Freeport-McMoRan in a report on Friday, April 25th. Stifel Canada raised Freeport-McMoRan to a "strong-buy" rating in a report on Tuesday, July 8th. Finally, Jefferies Financial Group restated a "buy" rating and issued a $50.00 price target (up previously from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $51.00.

Freeport-McMoRan Price Performance

Shares of NYSE FCX traded up $0.29 during trading on Friday, hitting $44.87. 16,007,915 shares of the company were exchanged, compared to its average volume of 15,985,843. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61. The company has a market cap of $64.48 billion, a price-to-earnings ratio of 33.99, a PEG ratio of 0.80 and a beta of 1.64. The firm's fifty day moving average price is $42.43 and its 200 day moving average price is $38.99.

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

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.34%. Freeport-McMoRan's payout ratio is currently 22.73%.

Insider Transactions at Freeport-McMoRan

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 stock was sold at an average price of $40.02, for a total transaction of $343,531.68. Following the sale, the chief accounting officer directly owned 48,333 shares in the company, valued at approximately $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.75% 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.