Strs Ohio Reduces Stock Position in Freeport-McMoRan Inc. $FCX

Strs Ohio cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 408,116 shares of the natural resource company’s stock after selling 13,053 shares during the quarter. Strs Ohio’s holdings in Freeport-McMoRan were worth $20,728,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Steigerwald Gordon & Koch Inc. purchased a new stake in Freeport-McMoRan during the 3rd quarter worth approximately $25,000. Salomon & Ludwin LLC increased its holdings in Freeport-McMoRan by 1,962.9% during the 3rd quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 687 shares during the last quarter. Kohmann Bosshard Financial Services LLC purchased a new stake in Freeport-McMoRan during the 4th quarter worth approximately $38,000. JPL Wealth Management LLC purchased a new stake in Freeport-McMoRan during the 3rd quarter worth approximately $33,000. Finally, Laurel Wealth Advisors LLC purchased a new stake in Freeport-McMoRan during the 4th quarter worth approximately $43,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, Chairman Richard C. Adkerson sold 248,031 shares of the business’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $62.80, for a total transaction of $15,576,346.80. Following the completion of the transaction, the chairman owned 3,509,119 shares in the company, valued at approximately $220,372,673.20. The trade was a 6.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Douglas N. Currault II sold 75,000 shares of the business’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $64.52, for a total value of $4,839,000.00. Following the completion of the sale, the executive vice president directly owned 219,181 shares in the company, valued at $14,141,558.12. This represents a 25.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 565,145 shares of company stock worth $35,839,918 in the last ninety days. 0.79% of the stock is currently owned by corporate insiders.

Freeport-McMoRan Price Performance

Shares of FCX opened at $56.64 on Monday. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $70.96. The firm has a market cap of $81.40 billion, a price-to-earnings ratio of 30.13, a PEG ratio of 0.69 and a beta of 1.32. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The stock has a 50 day moving average of $62.16 and a 200-day moving average of $54.41.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the previous year, the firm posted $0.24 EPS. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, analysts forecast that Freeport-McMoRan Inc. will post 2.52 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Wednesday, April 15th. Freeport-McMoRan’s payout ratio is 15.96%.

Wall Street Analyst Weigh In

FCX has been the topic of several analyst reports. Raymond James Financial dropped their price objective on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a report on Friday, April 24th. UBS Group lifted their price objective on Freeport-McMoRan from $66.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, April 23rd. Citigroup dropped their price objective on Freeport-McMoRan from $67.00 to $66.00 in a report on Friday. Weiss Ratings restated a “hold (c)” rating on shares of Freeport-McMoRan in a report on Tuesday, April 21st. Finally, Stifel Nicolaus lifted their target price on Freeport-McMoRan from $52.00 to $76.00 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $65.14.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.