Retirement Planning Co of New England Inc. Sells 14,851 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Retirement Planning Co of New England Inc. lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 51.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,097 shares of the natural resource company's stock after selling 14,851 shares during the period. Retirement Planning Co of New England Inc.'s holdings in Freeport-McMoRan were worth $534,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Mizuho Bank Ltd. acquired a new stake in Freeport-McMoRan during the 4th quarter worth about $26,000. Coppell Advisory Solutions LLC boosted its position in shares of Freeport-McMoRan by 47.4% during the 4th 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 in the last quarter. City Holding Co. bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $33,000. Bernard Wealth Management Corp. acquired a new stake in Freeport-McMoRan during the fourth quarter worth approximately $35,000. Finally, Murphy & Mullick Capital Management Corp bought a new stake in Freeport-McMoRan in the fourth quarter worth approximately $40,000. 80.77% of the stock is currently owned by institutional investors.

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 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 filing with the SEC, which is available through the SEC website. 0.75% of the stock is currently owned by insiders.

Analyst Ratings Changes

FCX has been the subject of several research analyst reports. Citigroup lifted their price target on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Stifel Canada raised Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday, July 8th. UBS Group cut Freeport-McMoRan from a "buy" rating to a "neutral" rating and increased their target price for the stock from $45.00 to $50.00 in a report on Friday, July 11th. Stifel Nicolaus set a $56.00 price target on shares of Freeport-McMoRan and gave the company a "buy" rating in a research note on Wednesday, July 9th. Finally, Wolfe Research raised 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. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $50.71.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $44.50 on Friday. The company has a market cap of $63.94 billion, a price-to-earnings ratio of 36.77, a PEG ratio of 0.82 and a beta of 1.64. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61. The stock's 50 day simple moving average is $41.67 and its two-hundred day simple moving average is $38.70. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.32 and a quick ratio of 1.13.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. The company had revenue of $5.73 billion during the quarter, compared to analyst estimates of $5.36 billion. During the same quarter last year, the business posted $0.32 earnings per share. The firm's revenue was down 9.4% on a year-over-year basis. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.35%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 24.79%.

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.

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