Carnegie Capital Asset Management LLC Sells 11,694 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Posted by on Jun 23rd, 2022

Carnegie Capital Asset Management LLC lowered its position in Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) by 16.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 59,551 shares of the natural resource company’s stock after selling 11,694 shares during the period. Carnegie Capital Asset Management LLC’s holdings in Freeport-McMoRan were worth $2,962,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of FCX. Capital Research Global Investors lifted its holdings in shares of Freeport-McMoRan by 19.5% in the fourth quarter. Capital Research Global Investors now owns 73,817,050 shares of the natural resource company’s stock valued at $3,080,385,000 after purchasing an additional 12,060,475 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Freeport-McMoRan in the fourth quarter valued at approximately $206,632,000. TD Asset Management Inc. lifted its holdings in shares of Freeport-McMoRan by 380.5% in the fourth quarter. TD Asset Management Inc. now owns 5,451,284 shares of the natural resource company’s stock valued at $227,482,000 after purchasing an additional 4,316,893 shares in the last quarter. Scout Investments Inc. lifted its holdings in shares of Freeport-McMoRan by 1,076.2% in the fourth quarter. Scout Investments Inc. now owns 2,185,760 shares of the natural resource company’s stock valued at $91,212,000 after purchasing an additional 1,999,927 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in shares of Freeport-McMoRan by 4.0% in the fourth quarter. Fisher Asset Management LLC now owns 48,853,445 shares of the natural resource company’s stock valued at $2,038,654,000 after purchasing an additional 1,864,521 shares in the last quarter. Institutional investors own 77.37% of the company’s stock.

FCX has been the subject of a number of research analyst reports. Exane BNP Paribas downgraded Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $50.00 price target for the company. in a research report on Tuesday, April 5th. Raymond James set a $59.00 price target on Freeport-McMoRan and gave the company an “outperform” rating in a research report on Friday, April 22nd. Credit Suisse Group raised Freeport-McMoRan from an “underperform” rating to a “neutral” rating and increased their price target for the company from $32.00 to $38.00 in a research report on Thursday, June 9th. BMO Capital Markets decreased their price target on Freeport-McMoRan from $62.00 to $56.00 and set an “outperform” rating for the company in a research report on Friday, April 22nd. Finally, Barclays increased their price target on Freeport-McMoRan from $28.00 to $29.00 in a research report on Thursday, April 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $47.31.

In related news, Director Dustan E. Mccoy sold 8,200 shares of Freeport-McMoRan stock in a transaction 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 completion of the sale, the director now owns 134,400 shares of the company’s stock, valued at $5,273,856. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Hugh Grant acquired 12,300 shares of the company’s stock in a transaction that occurred on Monday, April 25th. The shares were acquired at an average cost of $40.75 per share, with a total value of $501,225.00. Following the purchase, the director now directly owns 15,776 shares of the company’s stock, valued at approximately $642,872. The disclosure for this purchase can be found here. 0.72% of the stock is currently owned by insiders.

Shares of NYSE FCX opened at $31.32 on Thursday. The stock has a market cap of $45.39 billion, a PE ratio of 9.08, a price-to-earnings-growth ratio of 0.30 and a beta of 2.02. Freeport-McMoRan Inc. has a fifty-two week low of $30.02 and a fifty-two week high of $51.99. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.68 and a current ratio of 2.37. The stock has a fifty day moving average of $39.61 and a 200-day moving average of $42.31.

Freeport-McMoRan (NYSE:FCX – Get Rating) last announced 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. The company had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.29 billion. Freeport-McMoRan had a return on equity of 24.06% and a net margin of 20.79%. The firm’s quarterly revenue was up 36.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.51 earnings per share. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 3.92 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, August 1st. Stockholders of record on Friday, July 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.92%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 8.70%.

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

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