Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Perkins Coie Trust Co

Perkins Coie Trust Co decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 5.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 39,047 shares of the natural resource company’s stock after selling 2,189 shares during the period. Perkins Coie Trust Co’s holdings in Freeport-McMoRan were worth $1,478,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Coppell Advisory Solutions LLC grew its stake in shares of Freeport-McMoRan by 47.4% in the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company’s stock valued at $32,000 after buying an additional 268 shares during the period. Palogic Value Management L.P. grew its stake in shares of Freeport-McMoRan by 1.5% in the 4th quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company’s stock valued at $772,000 after buying an additional 292 shares during the period. CIBC Private Wealth Group LLC grew its stake in shares of Freeport-McMoRan by 0.9% in the 4th quarter. CIBC Private Wealth Group LLC now owns 36,514 shares of the natural resource company’s stock valued at $1,451,000 after buying an additional 309 shares during the period. Inspire Advisors LLC grew its stake in shares of Freeport-McMoRan by 2.6% in the 4th quarter. Inspire Advisors LLC now owns 12,965 shares of the natural resource company’s stock valued at $494,000 after buying an additional 325 shares during the period. Finally, Soltis Investment Advisors LLC grew its stake in shares of Freeport-McMoRan by 3.6% in the 4th quarter. Soltis Investment Advisors LLC now owns 10,090 shares of the natural resource company’s stock valued at $384,000 after buying an additional 346 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan 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 value of $343,531.68. Following the completion of the transaction, the chief accounting officer now owns 48,333 shares of the company’s stock, valued at $1,934,286.66. This trade represents a 15.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.75% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

FCX has been the subject of several analyst reports. 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 research note on Thursday, March 6th. Dbs Bank raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Wall Street Zen cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Tuesday, April 8th. Raymond James reaffirmed an “outperform” rating and set a $52.00 price objective on shares of Freeport-McMoRan in a research report on Friday, April 25th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $50.00 price objective (up previously from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $47.82.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $41.50 on Friday. 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 fifty-two week low of $27.66 and a fifty-two week high of $52.61. The stock has a market capitalization 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 50 day moving average price of $36.45 and a 200 day moving average price of $38.36.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly 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. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The company had revenue of $5.73 billion during the quarter, compared to analysts’ expectations of $5.36 billion. During the same quarter last year, the company posted $0.32 EPS. The firm’s revenue was down 9.4% compared to the same quarter last year. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were given a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.45%. Freeport-McMoRan’s dividend payout ratio is presently 24.79%.

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.