Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 18.4% in the fourth quarter, Holdings Channel.com reports. The fund owned 198,425 shares of the natural resource company’s stock after selling 44,665 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Freeport-McMoRan were worth $8,447,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in FCX. Bruce G. Allen Investments LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter valued at approximately $27,000. EdgeRock Capital LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter valued at approximately $35,000. Webster Bank N. A. raised its holdings in shares of Freeport-McMoRan by 6,469.2% during the fourth quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock valued at $36,000 after acquiring an additional 841 shares during the last quarter. CVA Family Office LLC purchased a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $38,000. Finally, Orion Capital Management LLC purchased a new stake in shares of Freeport-McMoRan in the third quarter valued at approximately $40,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 0.1 %

Freeport-McMoRan stock opened at $51.20 on Friday. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35. The company has a market capitalization of $73.43 billion, a P/E ratio of 45.31, a PEG ratio of 2.71 and a beta of 2.02. The stock has a 50-day simple moving average of $49.50 and a 200-day simple moving average of $42.57.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.05. The business had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The business’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.52 EPS. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.66 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend was Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Insider Activity at Freeport-McMoRan

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 transaction, the vice president now owns 164,067 shares in the company, valued at approximately $8,529,843.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the vice president now owns 164,067 shares in the company, valued at approximately $8,529,843.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Richard C. Adkerson sold 169,229 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $50.56, for a total value of $8,556,218.24. Following the transaction, the chief executive officer now owns 3,707,249 shares in the company, valued at approximately $187,438,509.44. The disclosure for this sale can be found here. Insiders have sold 445,667 shares of company stock worth $22,755,070 in the last quarter. Company insiders own 0.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FCX. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Scotiabank dropped their price objective on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating for the company in a research note on Wednesday, April 24th. Raymond James lifted their price objective on Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a research note on Wednesday, April 24th. Bernstein Bank lifted their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday, April 23rd. Finally, UBS Group lifted their target price on Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a report on Tuesday, May 14th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $51.00.

About Freeport-McMoRan

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.