Wilmington Savings Fund Society FSB Sells 7,264 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Wilmington Savings Fund Society FSB reduced its stake in Freeport-McMoRan Inc. by 26.0%, selling 7,264 shares during the second quarter, leaving it with a total of 20,673 shares valued at approximately $896,000.
• Freeport-McMoRan recently reported an EPS of $0.54, exceeding analyst expectations of $0.45, alongside a revenue of $7.58 billion, which was significantly higher than the projected $6.85 billion.
• The company announced a quarterly dividend of $0.15 per share, equating to an annualized dividend of $0.60 and a yield of 1.4%, with the payment date set for November 3rd.

Wilmington Savings Fund Society FSB cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 26.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,673 shares of the natural resource company's stock after selling 7,264 shares during the quarter. Wilmington Savings Fund Society FSB's holdings in Freeport-McMoRan were worth $896,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in FCX. Dagco Inc. bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at approximately $37,000. Beacon Capital Management LLC grew its holdings in shares of Freeport-McMoRan by 59.6% during the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company's stock valued at $38,000 after purchasing an additional 327 shares during the last quarter. CKW Financial Group bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at approximately $40,000. Greykasell Wealth Strategies Inc. bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at approximately $42,000. Finally, Hilltop National Bank bought a new stake in Freeport-McMoRan during the 2nd quarter worth approximately $43,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Trading Down 0.1%

NYSE:FCX opened at $41.66 on Friday. The firm's fifty day moving average is $42.65 and its 200-day moving average is $40.62. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $50.12. The firm has a market cap of $59.81 billion, a P/E ratio of 31.56, a P/E/G ratio of 0.95 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $6.85 billion. During the same period in the prior year, the firm posted $0.46 EPS. The company's quarterly revenue was up 14.5% on a year-over-year basis. Equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan's dividend payout ratio is currently 22.73%.

Analysts Set New Price Targets

FCX has been the topic of a number of research reports. Wells Fargo & Company raised shares of Freeport-McMoRan to a "strong-buy" rating in a report on Wednesday, October 8th. Royal Bank Of Canada reduced their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set a "sector perform" rating on the stock in a report on Wednesday, October 1st. Citigroup raised shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $48.00 target price on the stock in a report on Wednesday, October 8th. Clarkson Capital reissued a "neutral" rating and set a $42.00 target price on shares of Freeport-McMoRan in a report on Thursday, September 25th. Finally, Dbs Bank reduced their target price on shares of Freeport-McMoRan from $51.00 to $48.00 in a report on Thursday, October 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of "Moderate Buy" and an average target price of $46.56.

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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