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Meyer Handelman Co. Sells 85,588 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Freeport-McMoRan logo with Basic Materials background

Meyer Handelman Co. reduced its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 18.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 386,796 shares of the natural resource company's stock after selling 85,588 shares during the period. Meyer Handelman Co.'s holdings in Freeport-McMoRan were worth $18,187,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Freeport-McMoRan by 0.3% in the 3rd 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 last quarter. Capital Research Global Investors grew its stake in Freeport-McMoRan by 0.7% in the fourth quarter. Capital Research Global Investors now owns 59,752,726 shares of the natural resource company's stock worth $2,543,676,000 after purchasing an additional 419,603 shares in the last quarter. Fisher Asset Management LLC grew its stake in Freeport-McMoRan by 1.9% in the fourth quarter. Fisher Asset Management LLC now owns 55,710,695 shares of the natural resource company's stock worth $2,371,604,000 after purchasing an additional 1,030,451 shares in the last quarter. Northern Trust Corp grew its stake in Freeport-McMoRan by 4.2% in the third 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 in the last quarter. Finally, Putnam Investments LLC grew its stake in Freeport-McMoRan by 3.7% in the fourth quarter. Putnam Investments LLC now owns 16,647,339 shares of the natural resource company's stock worth $708,677,000 after purchasing an additional 595,395 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.


Wall Street Analyst Weigh In

A number of equities analysts recently commented on FCX shares. UBS Group lifted their price target on Freeport-McMoRan from $41.00 to $54.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 14th. Bernstein Bank lifted their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an "overweight" rating in a research note on Tuesday, April 23rd. Raymond James lifted their price target on Freeport-McMoRan from $49.50 to $54.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 24th. Deutsche Bank Aktiengesellschaft lifted their target price on Freeport-McMoRan from $48.00 to $51.00 and gave the company a "hold" rating in a research note on Monday, June 10th. Finally, Argus lifted their target price on Freeport-McMoRan from $44.00 to $54.00 and gave the company a "buy" rating in a research note on Thursday, April 25th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $52.93.

Check Out Our Latest Research Report on FCX

Insider Buying and Selling

In related news, VP Douglas N. Currault II sold 55,000 shares of the business's stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the sale, the vice president now owns 164,067 shares of the company's stock, valued at $8,529,843.33. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the company's stock in a transaction on Monday, April 29th. The stock was 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Stephen T. Higgins sold 42,767 shares of the company's stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now directly owns 104,377 shares in the company, valued at approximately $5,255,381.95. The disclosure for this sale can be found here. Insiders have sold a total of 445,667 shares of company stock valued at $22,755,070 over the last quarter. Corporate insiders own 0.79% of the company's stock.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX traded up $0.20 during midday trading on Friday, hitting $49.56. 19,076,620 shares of the company's stock were exchanged, compared to its average volume of 11,505,075. 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 stock's 50 day moving average price is $50.62 and its 200-day moving average price is $44.70. The firm has a market cap of $71.19 billion, a P/E ratio of 43.86, a PEG ratio of 2.15 and a beta of 1.96. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The firm had revenue of $6.32 billion for the quarter, compared to analysts' expectations of $5.70 billion. During the same quarter in the previous year, the company earned $0.52 earnings per share. The firm's quarterly revenue was up 17.3% compared to the same quarter last year. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.71 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were issued a dividend of $0.15 per share. The ex-dividend date was Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.21%. Freeport-McMoRan's payout ratio is 26.55%.

About Freeport-McMoRan

(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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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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