Shell Asset Management Co. Reduces Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Shell Asset Management Co. decreased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 19.5% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 31,782 shares of the natural resource company’s stock after selling 7,707 shares during the quarter. Shell Asset Management Co.’s holdings in Freeport-McMoRan were worth $1,353,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of FCX. Jump Financial LLC purchased a new position in Freeport-McMoRan during the third quarter worth $253,000. Antonetti Capital Management LLC grew its position in shares of Freeport-McMoRan by 27.9% in the third quarter. Antonetti Capital Management LLC now owns 4,587 shares of the natural resource company’s stock valued at $171,000 after purchasing an additional 1,001 shares during the period. Mengis Capital Management Inc. grew its position in shares of Freeport-McMoRan by 9.8% in the third quarter. Mengis Capital Management Inc. now owns 19,370 shares of the natural resource company’s stock valued at $722,000 after purchasing an additional 1,725 shares during the period. Fiera Capital Corp grew its position in shares of Freeport-McMoRan by 0.8% in the third quarter. Fiera Capital Corp now owns 80,193 shares of the natural resource company’s stock valued at $2,990,000 after purchasing an additional 607 shares during the period. Finally, Holowesko Partners Ltd. grew its position in shares of Freeport-McMoRan by 6.6% in the third quarter. Holowesko Partners Ltd. now owns 518,100 shares of the natural resource company’s stock valued at $19,320,000 after purchasing an additional 32,000 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on FCX. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Thursday, April 25th. HSBC lifted their price objective on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research report on Tuesday, April 23rd. Deutsche Bank Aktiengesellschaft lifted their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday. Argus lifted their target price on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Finally, Scotiabank lifted their target price on Freeport-McMoRan from $53.00 to $60.00 and gave the company a “sector outperform” rating in a report on Thursday, May 30th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus price target of $51.47.

Get Our Latest Research Report on FCX

Insider Transactions at Freeport-McMoRan

In other news, VP Douglas N. Currault II sold 55,000 shares of Freeport-McMoRan stock in a transaction dated 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 directly 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 can be accessed through this hyperlink. In related news, VP Douglas N. Currault II sold 55,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the vice president now directly 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 can be accessed through this link. Also, CAO Stephen T. Higgins sold 43,900 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $51.08, for a total value of $2,242,412.00. Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at $5,331,577.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 445,667 shares of company stock valued at $22,755,070. 0.79% of the stock is currently owned by insiders.

Freeport-McMoRan Trading Up 1.5 %

Shares of FCX opened at $50.01 on Tuesday. The stock’s 50-day moving average is $50.83 and its two-hundred day moving average is $43.95. The stock has a market cap of $71.73 billion, a PE ratio of 44.25, a P/E/G ratio of 2.15 and a beta of 1.96. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41.

Freeport-McMoRan (NYSE:FCXGet Free Report) last issued its quarterly earnings data 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 return on equity of 7.17% and a net margin of 6.97%. The company 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 firm posted $0.52 earnings per share. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.71 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend was Friday, April 12th. Freeport-McMoRan’s payout ratio is 26.55%.

Freeport-McMoRan Company Profile

(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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