Stamos Capital Partners L.P. Sells 3,810 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Stamos Capital Partners L.P. trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 40.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,500 shares of the natural resource company’s stock after selling 3,810 shares during the period. Stamos Capital Partners L.P.’s holdings in Freeport-McMoRan were worth $259,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of FCX. Axxcess Wealth Management LLC grew its stake in Freeport-McMoRan by 28.5% in the 1st quarter. Axxcess Wealth Management LLC now owns 19,002 shares of the natural resource company’s stock valued at $893,000 after buying an additional 4,213 shares during the last quarter. Freestone Capital Holdings LLC lifted its holdings in shares of Freeport-McMoRan by 6.2% during the first quarter. Freestone Capital Holdings LLC now owns 62,160 shares of the natural resource company’s stock worth $2,923,000 after buying an additional 3,619 shares in the last quarter. CreativeOne Wealth LLC acquired a new position in shares of Freeport-McMoRan during the 1st quarter worth approximately $1,024,000. Beaconlight Capital LLC raised its holdings in Freeport-McMoRan by 60.4% in the 1st quarter. Beaconlight Capital LLC now owns 164,382 shares of the natural resource company’s stock valued at $7,729,000 after acquiring an additional 61,928 shares in the last quarter. Finally, Ossiam raised its stake in Freeport-McMoRan by 31,020.9% in the first quarter. Ossiam now owns 460,901 shares of the natural resource company’s stock valued at $21,672,000 after purchasing an additional 459,420 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on FCX. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. UBS Group boosted their price objective on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a research report on Tuesday, May 14th. HSBC lifted their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday, April 23rd. Bernstein Bank upped their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research report on Tuesday, April 23rd. Finally, Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $49.50 to $62.00 in a research report on Friday, June 21st. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $53.07.

Freeport-McMoRan Trading Up 1.1 %

FCX traded up $0.47 during trading on Friday, reaching $45.00. 10,389,902 shares of the company’s stock were exchanged, compared to its average volume of 13,718,868. The company has a current ratio of 2.40, a quick ratio of 1.41 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The firm has a fifty day moving average price of $49.68 and a two-hundred day moving average price of $46.02. The stock has a market capitalization of $64.64 billion, a PE ratio of 39.82, a price-to-earnings-growth ratio of 1.01 and a beta of 1.92.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan’s revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.35 earnings per share. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be given a $0.15 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.33%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Insider Activity

In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the completion of the sale, the vice president now owns 164,067 shares of the company’s stock, 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. In related news, VP Douglas N. Currault II sold 55,000 shares of the business’s stock in a transaction on Monday, April 29th. The shares were 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 $8,529,843.33. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Stephen T. Higgins sold 42,767 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $50.35, for a total value of $2,153,318.45. Following the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,255,381.95. The disclosure for this sale can be found here. Over the last quarter, insiders sold 445,667 shares of company stock valued at $22,755,070. Company insiders own 0.79% of the company’s stock.

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.