The Manufacturers Life Insurance Company Sells 61,134 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• The Manufacturers Life Insurance Company has reduced its stake in Freeport-McMoRan by 2.0%, now holding 2,922,676 shares valued at approximately $110.65 million.
• Freeport-McMoRan's latest earnings report highlighted a 14.5% revenue increase year-over-year and an EPS of $0.54, surpassing analyst expectations.
• The company recently declared a quarterly dividend of $0.15 per share, yielding 1.4%, with a payout ratio of 22.73%.

The Manufacturers Life Insurance Company cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 2.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,922,676 shares of the natural resource company's stock after selling 61,134 shares during the period. The Manufacturers Life Insurance Company owned 0.20% of Freeport-McMoRan worth $110,653,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. City Holding Co. purchased a new stake in shares of Freeport-McMoRan in the first quarter worth approximately $33,000. Bernard Wealth Management Corp. purchased a new stake in shares of Freeport-McMoRan in the fourth quarter worth approximately $35,000. Dagco Inc. purchased a new stake in shares of Freeport-McMoRan in the first quarter worth approximately $37,000. Greykasell Wealth Strategies Inc. purchased a new stake in shares of Freeport-McMoRan in the first quarter worth approximately $42,000. Finally, Wolff Wiese Magana LLC raised its holdings in shares of Freeport-McMoRan by 38.2% in the first quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company's stock worth $44,000 after buying an additional 319 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 0.1%

NYSE:FCX traded up $0.05 during mid-day trading on Monday, reaching $44.42. The company's stock had a trading volume of 7,369,039 shares, compared to its average volume of 10,157,981. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61. The stock has a fifty day moving average of $43.41 and a 200-day moving average of $39.68. The firm has a market capitalization of $63.78 billion, a PE ratio of 33.65, a price-to-earnings-growth ratio of 0.84 and a beta of 1.59. 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 (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping 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 company had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. During the same period in the prior year, the firm earned $0.46 earnings per share. The firm's revenue for the quarter was up 14.5% compared to the same quarter last year. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Tuesday, July 15th. Freeport-McMoRan's dividend payout ratio (DPR) is 22.73%.

Analyst Ratings Changes

Several brokerages have recently weighed in on FCX. Royal Bank Of Canada increased their price target on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. Hsbc Global Res downgraded Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. Scotiabank increased their price target on Freeport-McMoRan from $48.00 to $52.00 and gave the stock a "sector outperform" rating in a report on Wednesday, July 9th. Wall Street Zen upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Finally, Morgan Stanley downgraded Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and increased their price target for the stock from $45.00 to $54.00 in a report on Tuesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan has a consensus rating of "Moderate Buy" and a consensus target price of $51.00.

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.