Kestra Advisory Services LLC reduced its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) by 25.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 114,140 shares of the natural resource company’s stock after selling 38,157 shares during the period. Kestra Advisory Services LLC’s holdings in Freeport-McMoRan were worth $5,677,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Hollencrest Capital Management boosted its stake in shares of Freeport-McMoRan by 0.7% during the 1st quarter. Hollencrest Capital Management now owns 27,728 shares of the natural resource company’s stock worth $1,379,000 after acquiring an additional 200 shares during the last quarter. Lowe Wealth Advisors LLC raised its holdings in Freeport-McMoRan by 8.6% in the 1st quarter. Lowe Wealth Advisors LLC now owns 3,159 shares of the natural resource company’s stock worth $157,000 after purchasing an additional 250 shares during the period. Lindbrook Capital LLC raised its holdings in Freeport-McMoRan by 5.7% in the 1st quarter. Lindbrook Capital LLC now owns 4,816 shares of the natural resource company’s stock worth $240,000 after purchasing an additional 260 shares during the period. Atlas Brown Inc. lifted its position in Freeport-McMoRan by 5.0% during the first quarter. Atlas Brown Inc. now owns 5,536 shares of the natural resource company’s stock valued at $275,000 after purchasing an additional 265 shares in the last quarter. Finally, Cabot Wealth Management Inc. grew its holdings in Freeport-McMoRan by 0.3% during the fourth quarter. Cabot Wealth Management Inc. now owns 97,461 shares of the natural resource company’s stock valued at $4,067,000 after purchasing an additional 295 shares during the period. Institutional investors and hedge funds own 77.37% of the company’s stock.
Shares of FCX stock opened at $28.00 on Monday. The company has a current ratio of 2.37, a quick ratio of 1.68 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $40.58 billion, a price-to-earnings ratio of 8.12, a price-to-earnings-growth ratio of 0.25 and a beta of 2.08. Freeport-McMoRan Inc. has a 12-month low of $26.21 and a 12-month high of $51.99. The stock’s 50-day moving average price is $35.81 and its 200-day moving average price is $41.59.
Freeport-McMoRan (NYSE:FCX – Get Rating) last released its quarterly earnings results on Thursday, April 21st. The natural resource company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.19. Freeport-McMoRan had a return on equity of 24.06% and a net margin of 20.79%. The business had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.29 billion. During the same quarter last year, the business posted $0.51 EPS. The firm’s revenue for the quarter was up 36.1% compared to the same quarter last year. As a group, research analysts predict that Freeport-McMoRan Inc. will post 3.8 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 1st. Investors of record on Friday, July 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date is Thursday, July 14th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 8.70%.
FCX has been the topic of a number of analyst reports. Raymond James lowered their price objective on Freeport-McMoRan from $59.00 to $52.00 and set an “outperform” rating on the stock in a research report on Monday, July 4th. Credit Suisse Group upgraded shares of Freeport-McMoRan from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $32.00 to $38.00 in a research report on Thursday, June 9th. Wolfe Research downgraded shares of Freeport-McMoRan from an “outperform” rating to a “peer perform” rating in a research report on Thursday. BNP Paribas cut shares of Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $50.00 target price on the stock. in a research note on Tuesday, April 5th. Finally, Stifel Nicolaus increased their price target on Freeport-McMoRan from $49.00 to $54.00 in a research note on Thursday, March 17th. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of “Hold” and an average price target of $46.00.
In other Freeport-McMoRan news, Director Dustan E. Mccoy sold 8,200 shares of the business’s stock in a transaction that occurred on Tuesday, May 31st. The stock was sold at an average price of $39.24, for a total transaction of $321,768.00. Following the sale, the director now directly owns 134,400 shares of the company’s stock, valued at $5,273,856. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Hugh Grant acquired 12,300 shares of the firm’s stock in a transaction on Monday, April 25th. The shares were bought at an average price of $40.75 per share, for a total transaction of $501,225.00. Following the completion of the transaction, the director now owns 15,776 shares of the company’s stock, valued at $642,872. The disclosure for this purchase can be found here. Insiders own 0.72% of the company’s stock.
About Freeport-McMoRan (Get Rating)
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino 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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