Raymond James Financial Services Advisors Inc. Trims Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Raymond James Financial Services Advisors Inc. cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 7.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 394,073 shares of the natural resource company's stock after selling 32,047 shares during the quarter. Raymond James Financial Services Advisors Inc.'s holdings in Freeport-McMoRan were worth $18,529,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Bruce G. Allen Investments LLC purchased a new stake in Freeport-McMoRan during the 4th quarter valued at about $27,000. BluePath Capital Management LLC purchased a new stake in Freeport-McMoRan during the 3rd quarter valued at about $28,000. Jones Financial Companies Lllp grew its position in Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company's stock valued at $28,000 after purchasing an additional 532 shares during the last quarter. Vermillion & White Wealth Management Group LLC purchased a new stake in Freeport-McMoRan during the 4th quarter valued at about $32,000. Finally, EdgeRock Capital LLC purchased a new stake in Freeport-McMoRan during the 4th quarter valued at about $35,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX traded down $1.13 during trading on Thursday, hitting $48.78. The company's stock had a trading volume of 24,382,685 shares, compared to its average volume of 14,341,566. The company has a 50-day moving average of $45.43 and a 200-day moving average of $40.68. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $52.52. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. The firm has a market cap of $69.97 billion, a price-to-earnings ratio of 44.17, a P/E/G ratio of 8.09 and a beta of 2.02.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The company had revenue of $6.32 billion for the quarter, compared to analysts' expectations of $5.70 billion. During the same quarter last year, the business earned $0.52 EPS. The firm's revenue was up 17.3% compared to the same quarter last year. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date was Friday, April 12th. Freeport-McMoRan's payout ratio is 26.55%.

Insiders Place Their Bets

In other Freeport-McMoRan news, CEO Richard C. Adkerson sold 169,229 shares of the firm's stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $50.56, for a total transaction of $8,556,218.24. Following the sale, the chief executive officer now owns 3,707,249 shares in the company, valued at approximately $187,438,509.44. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Freeport-McMoRan news, CEO Richard C. Adkerson sold 169,229 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $50.56, for a total transaction of $8,556,218.24. Following the completion of the sale, the chief executive officer now directly owns 3,707,249 shares of the company's stock, valued at approximately $187,438,509.44. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Douglas N. Currault II sold 55,000 shares of the stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the sale, the vice president now directly owns 164,067 shares of the company's stock, valued at $8,529,843.33. The disclosure for this sale can be found here. 0.78% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts recently commented on FCX shares. Raymond James increased their price objective on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the company an "outperform" rating in a research report on Wednesday, April 24th. HSBC raised their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a "hold" rating in a report on Tuesday, April 23rd. JPMorgan Chase & Co. dropped their price target on shares of Freeport-McMoRan from $52.00 to $51.00 and set a "neutral" rating on the stock in a report on Wednesday, April 24th. Bernstein Bank raised their price target on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an "overweight" rating in a report on Tuesday, April 23rd. Finally, Bank of America raised shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $59.00 price target on the stock in a report on Tuesday, April 9th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, Freeport-McMoRan presently has an average rating of "Moderate Buy" and a consensus target price of $50.07.

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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