Amalgamated Bank Sells 16,254 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Amalgamated Bank lowered its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 4.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 347,186 shares of the natural resource company's stock after selling 16,254 shares during the quarter. Amalgamated Bank's holdings in Freeport-McMoRan were worth $14,780,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of FCX. Vanguard Group Inc. increased its stake in shares of Freeport-McMoRan by 0.3% during the third quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company's stock valued at $4,451,285,000 after buying an additional 305,912 shares during the period. Fisher Asset Management LLC raised its holdings in shares of Freeport-McMoRan by 1.9% in the 4th quarter. Fisher Asset Management LLC now owns 55,710,695 shares of the natural resource company's stock valued at $2,371,604,000 after purchasing an additional 1,030,451 shares in the last quarter. Northern Trust Corp lifted its position in shares of Freeport-McMoRan by 4.2% in the 3rd quarter. Northern Trust Corp now owns 17,756,034 shares of the natural resource company's stock worth $662,123,000 after purchasing an additional 709,114 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Freeport-McMoRan by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company's stock valued at $279,977,000 after purchasing an additional 102,466 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in Freeport-McMoRan by 18.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 6,393,868 shares of the natural resource company's stock valued at $238,427,000 after buying an additional 986,703 shares during the period. 80.77% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Richard C. Adkerson sold 169,229 shares of the firm's stock in a transaction 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 transaction, the chief executive officer now owns 3,707,249 shares of the company's stock, valued at $187,438,509.44. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Richard C. Adkerson sold 169,229 shares of the company's stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $50.56, for a total value of $8,556,218.24. Following the sale, the chief executive officer now owns 3,707,249 shares in the company, valued at $187,438,509.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Douglas N. Currault II sold 55,000 shares of Freeport-McMoRan stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $51.99, for a total value of $2,859,450.00. Following the transaction, the vice president now owns 164,067 shares of the company's stock, valued at $8,529,843.33. The disclosure for this sale can be found here. Insiders have sold 310,896 shares of company stock valued at $15,811,399 in the last ninety days. Insiders own 0.78% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on FCX. HSBC upped their target price on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a "hold" rating in a report on Tuesday, April 23rd. StockNews.com upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Thursday, April 25th. Bank of America upgraded shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $59.00 target price for the company in a report on Tuesday, April 9th. Argus raised their price target on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a "buy" rating in a report on Thursday, April 25th. Finally, Raymond James increased their target price 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. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Freeport-McMoRan currently has an average rating of "Moderate Buy" and an average price target of $50.07.

Freeport-McMoRan Stock Performance

FCX stock traded up $1.68 during midday trading on Friday, reaching $50.46. The stock had a trading volume of 14,495,335 shares, compared to its average volume of 14,343,385. The firm has a fifty day simple moving average of $45.63 and a two-hundred day simple moving average of $40.74. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $52.52. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35. The stock has a market cap of $72.38 billion, a PE ratio of 43.17, a P/E/G ratio of 7.98 and a beta of 2.02.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.05. The business had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The company's revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.52 earnings per share. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.69 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed 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 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend was Friday, April 12th. Freeport-McMoRan's payout ratio is 26.55%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.