Wealth Management Partners LLC Sells 1,874 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Wealth Management Partners LLC cut its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 9.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,410 shares of the natural resource company’s stock after selling 1,874 shares during the period. Wealth Management Partners LLC’s holdings in Freeport-McMoRan were worth $659,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Madison Investment Advisors LLC acquired a new stake in Freeport-McMoRan in the 4th quarter worth approximately $3,388,000. Vanguard Group Inc. raised its position in Freeport-McMoRan by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company’s stock worth $4,692,191,000 after buying an additional 642,776 shares during the last quarter. Wellington Management Group LLP raised its position in Freeport-McMoRan by 237.4% during the 4th quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company’s stock worth $351,041,000 after buying an additional 6,486,011 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Freeport-McMoRan by 5.4% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 159,536 shares of the natural resource company’s stock worth $6,075,000 after buying an additional 8,195 shares during the last quarter. Finally, PGGM Investments raised its position in Freeport-McMoRan by 220.3% during the 4th quarter. PGGM Investments now owns 40,467 shares of the natural resource company’s stock worth $1,541,000 after buying an additional 27,834 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a report on Thursday, March 6th. Scotiabank boosted their price target on shares of Freeport-McMoRan from $40.00 to $43.00 and gave the company a “sector perform” rating in a research report on Wednesday, May 14th. Royal Bank of Canada upped their target price on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a “sector perform” rating in a research report on Wednesday. Wolfe Research raised shares of Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 price target on the stock in a research report on Wednesday, April 16th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $50.00 price target (up from $48.00) on shares of Freeport-McMoRan in a research note on Friday, April 25th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.82.

Insider Buying and Selling at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 8,584 shares of the firm’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the completion of the sale, the chief accounting officer now owns 48,333 shares of the company’s stock, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.75% of the stock is owned by corporate insiders.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $40.94 on Thursday. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The firm’s 50-day simple moving average is $36.30 and its 200 day simple moving average is $38.39. The firm has a market capitalization of $58.83 billion, a PE ratio of 31.74, a P/E/G ratio of 0.87 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. The company had revenue of $5.73 billion for the quarter, compared to analysts’ expectations of $5.36 billion. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The firm’s revenue for the quarter was down 9.4% compared to the same quarter last year. During the same period last year, the company earned $0.32 EPS. On average, equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were issued a dividend of $0.15 per share. The ex-dividend date was Tuesday, April 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.47%. Freeport-McMoRan’s payout ratio is currently 24.79%.

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.