Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by SeaCrest Wealth Management LLC

SeaCrest Wealth Management LLC lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 10.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,095 shares of the natural resource company’s stock after selling 2,009 shares during the period. SeaCrest Wealth Management LLC’s holdings in Freeport-McMoRan were worth $647,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Wellington Management Group LLP boosted its stake in Freeport-McMoRan by 237.4% in 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. Price T Rowe Associates Inc. MD boosted its stake in Freeport-McMoRan by 21.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company’s stock worth $1,214,203,000 after buying an additional 5,735,171 shares during the last quarter. Amundi boosted its stake in Freeport-McMoRan by 30.2% in the 4th quarter. Amundi now owns 21,580,960 shares of the natural resource company’s stock worth $857,305,000 after buying an additional 5,001,531 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Freeport-McMoRan by 38.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company’s stock worth $619,682,000 after buying an additional 4,488,210 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in Freeport-McMoRan by 8.0% in the 4th quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company’s stock worth $1,123,445,000 after buying an additional 2,191,926 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX opened at $41.50 on Friday. The company has a market cap of $59.64 billion, a P/E ratio of 32.17, a PEG ratio of 0.87 and a beta of 1.64. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $52.61. The business’s 50-day simple moving average is $36.45 and its 200 day simple moving average is $38.36.

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

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 15th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.45%. Freeport-McMoRan’s payout ratio is currently 24.79%.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total transaction of $343,531.68. Following the sale, the chief accounting officer now directly owns 48,333 shares in the company, valued at $1,934,286.66. The trade was a 15.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.75% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on FCX shares. Hsbc Global Res raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 14th. Royal Bank of Canada raised their price target on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a “sector perform” rating in a research note on Wednesday. Wolfe Research upgraded Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 price objective on the stock in a report on Wednesday, April 16th. Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $50.00 price objective (up from $48.00) on shares of Freeport-McMoRan in a report on Friday, April 25th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.82.

Freeport-McMoRan 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.