Souders Financial Advisors Reduces Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Souders Financial Advisors lessened its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 67.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,193 shares of the natural resource company's stock after selling 42,257 shares during the quarter. Souders Financial Advisors' holdings in Freeport-McMoRan were worth $765,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Freeport-McMoRan by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company's stock valued at $4,692,191,000 after purchasing an additional 642,776 shares during the period. Price T Rowe Associates Inc. MD boosted its position 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 valued at $1,214,203,000 after purchasing an additional 5,735,171 shares during the period. Geode Capital Management LLC boosted its position in Freeport-McMoRan by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 29,579,298 shares of the natural resource company's stock valued at $1,122,922,000 after purchasing an additional 688,240 shares during the period. Franklin Resources Inc. boosted its position in Freeport-McMoRan by 8.0% during the 4th quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock valued at $1,123,445,000 after purchasing an additional 2,191,926 shares during the period. Finally, Capital World Investors boosted its position in Freeport-McMoRan by 3.2% during the 4th quarter. Capital World Investors now owns 24,055,524 shares of the natural resource company's stock valued at $916,037,000 after purchasing an additional 750,500 shares during the period. 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 stock in a transaction on 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 directly owned 48,333 shares in the company, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.75% of the company's stock.

Freeport-McMoRan Trading Up 0.8%

Shares of FCX opened at $44.80 on Friday. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61. The company has a current ratio of 2.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.30. The stock has a 50 day simple moving average of $41.81 and a 200-day simple moving average of $38.75. The stock has a market cap of $64.38 billion, a PE ratio of 37.02, a PEG ratio of 0.83 and a beta of 1.64.

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

Freeport-McMoRan Announces Dividend

The company 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 dividend on an annualized basis and a yield of 1.34%. Freeport-McMoRan's payout ratio is 24.79%.

Analysts Set New Price Targets

Several research firms have commented on FCX. Royal Bank Of Canada raised their target price on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. Morgan Stanley cut shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and raised their target price for the company from $45.00 to $54.00 in a research note on Tuesday, July 15th. Stifel Canada raised shares of Freeport-McMoRan to a "strong-buy" rating in a research note on Tuesday, July 8th. Hsbc Global Res raised Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Finally, Wall Street Zen downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Tuesday, April 8th. Eight investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $50.71.

About Freeport-McMoRan

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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