Victory Capital Management Inc. decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 1.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 556,708 shares of the natural resource company's stock after selling 8,855 shares during the quarter. Victory Capital Management Inc.'s holdings in Freeport-McMoRan were worth $21,077,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP lifted its position in Freeport-McMoRan by 237.4% during the fourth quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock valued at $351,041,000 after purchasing an additional 6,486,011 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Freeport-McMoRan by 21.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock worth $1,214,203,000 after purchasing an additional 5,735,171 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Freeport-McMoRan by 38.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company's stock valued at $619,682,000 after purchasing an additional 4,488,210 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Freeport-McMoRan by 13.7% during the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company's stock worth $830,726,000 after purchasing an additional 2,642,810 shares during the period. Finally, Franklin Resources Inc. increased 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 worth $1,123,445,000 after purchasing an additional 2,191,926 shares in the last quarter. Institutional investors own 80.77% of the company's stock.
Insider Buying and Selling
In other news, CAO Ellie L. Mikes sold 8,584 shares of the company's stock in a transaction that occurred 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 transaction, the chief accounting officer owned 48,333 shares of the company's stock, valued at approximately $1,934,286.66. This represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.79% of the company's stock.
Freeport-McMoRan Stock Up 1.2%
Shares of NYSE FCX traded up $0.54 during mid-day trading on Tuesday, reaching $45.73. The company had a trading volume of 15,269,883 shares, compared to its average volume of 13,833,837. The company has a market capitalization of $65.71 billion, a price-to-earnings ratio of 37.79, a PEG ratio of 0.82 and a beta of 1.64. The stock has a fifty day moving average of $41.81 and a two-hundred day moving average of $38.76. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.13 and a current ratio of 2.32. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.01. The company had revenue of $5.73 billion for the quarter, compared to analysts' expectations of $5.36 billion. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. The business's revenue was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.32 EPS. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.
Freeport-McMoRan Announces Dividend
The business also recently declared 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 dividend yield of 1.31%. Freeport-McMoRan's payout ratio is currently 24.79%.
Wall Street Analyst Weigh In
Several analysts have recently weighed in on the company. Stifel Nicolaus set a $56.00 price objective on Freeport-McMoRan and gave the company a "buy" rating in a report on Wednesday, July 9th. Morgan Stanley lowered Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and upped their price target for the company from $45.00 to $54.00 in a research note on Tuesday, July 15th. Wall Street Zen downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Tuesday, April 8th. 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. Finally, JPMorgan Chase & Co. upped their price objective on Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $50.71.
Read Our Latest Stock Analysis on FCX
About Freeport-McMoRan
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Free Report)
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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